Shiba Inu, Dogecoin, Avalanche See Significant Daily Losses as Bitcoin Continues to Fall
The cryptocurrency market continues to be under extreme pressure with some of the leading altcoins dropping more than 10% in the last 24 hours
The cryptocurrency market is once again a sea of red, with some of the leading altcoins plunging more than 10%.
Meme coin Shiba Inu is up 13.32% in the past 24 hours, according to data from CoinMarketCap. The token is currently trading at $0.00002373 on the Binance exchange.
Rival joke cryptocurrency Dogecoin has also recorded a double-digit loss over the same period, dropping about 10%.
Despite recent positive developments in the Ripple v. SEC case that allowed the XRP cryptocurrency to break the trend for a short period of time, the cryptocurrency has also cracked under pressure, tanking nearly 14%.
Bitcoin is currently at the $36,800 level on major spot exchanges and has lost about 6% of its value in the past 24 hours. The crypto king is outperforming the top altcoins resulting in a slight increase in its market dominance. Earlier today, the cryptocurrency exchange on the Bitstamp exchange plunged to a multi-week low of $36,368.
Ethereum, the top altcoin, is down about 8% after plunging to $2,506, its lowest level since January 31, earlier today on the Binance exchange. Image by tradingview.com
Cardano and Avalanche, two of the top ‘Ethereum killers’, are the biggest laggards at the time of writing this article, down 14%.
Total market cap has now shrunk to $1.6 trillion after peaking at over $3 trillion in early November.
Bitcoin and Ethereum are down 46.49% and 48.10% respectively from their record highs.