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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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