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Cryptos: Hundreds of Billions Wiped out by the Slump in the Last 24 Hours

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Hundreds of billions were wiped out by the cryptocurrency market on Tuesday amid a general slump that swept away the prices of major currencies, including Bitcoin, Εthereum, Cardano, and Solana and removed them from this week’s historic highs.

  • The price of Bitcoin fell to about $60,500, recording an 8% drop in a 24-hour period.
  • Most large tokens, including Ethereum, XRP, Cardano, Solana and Dogecoin experienced a similar decline in the last 24 hours, with losses between 7% and 10%
  • Of the four most valuable cryptocurrencies by market capitalization, excluding Bitcoin and tether, a stablecoin tied to the dollar, Ether lost 9.6% to about $4,300, Binance’s BNB lost 8.9% to $590, Solana fell 7.5% to $225 and Cardano 9% sta $1.90.
  • XRP, Polkadot, Dogecoin and Shiba Inu — the next major capitalization-based cryptocurrencies, excluding another stablecoin, USD Coin – lost 9.3%, 12.4%, 8.8% and 6%, respectively.
  • Arweave, Helium and Audius some of the most prominent middle-cap coins have also dropped by 12%, 2.3% and 11% respectively.

The losses come amid a wider slump in the cryptocurrency market, which is now worth about $2.76 trillion dollars, according to CoinGecko, that’s 8.6% less than yesterday.

Far from the record

The price of Bitcoin had climbed by more than 50% from the beginning of October until the middle of last week when it hit a record close to $69,000. It may be retreating, but the digital currency, which has a market capitalization of about 1.1 trillion dollars, remains 250% higher in the last year.

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Wilfred (founder of CryptocurrencyIsh) is a content marketing professional and cryptocurrency enthusiast. He believes that cryptocurrencies and blockchain technology hold the key to the future. His main interest is in altcoins and NFTs. When he is not writing cryptocurrency news, he enjoys writing about travel topics.