Again, the weekend was difficult for cryptocurrencies as crypto prices continued to decline. In fact, the sharp drop in prices in a few days took away from the total market capitalization of almost $ 200 billion. Currently, the crypto market worldwide is valued at $ 1.6 trillion, down 3% in the last 24 hours.
In addition, total cryptocurrency over the past 24 hours has fallen by almost 18% to $ 93.61 billion, while total DeFi currently stands at $ 9.81 billion.
Let’s see how different cryptocurrencies behaved during the fall. The largest cryptocurrency of all – bitcoin – fell to $ 34,702.69 on Sunday morning, up 3.8% from Friday night. It later fell below $ 34,000 and is currently trading at $ 33,865, less than half of its all-time high of $ 67,000 in November 2021.
Again, this is not so surprising news, given that the price of bitcoin continues to fluctuate in the range of $ 35,000-45,000 as the situation in the crypto market becomes increasingly tough. Are some of the reasons for this the Russian invasion of Ukraine (which is not over yet), rising inflation and the efforts of central banks to contain it, as well as fears of raising rates by the Federal Reserve?
How did other cryptocurrencies Bitcoin fare over the weekend? Surprisingly, TRON (a decentralized open source decentralized operating system based on the blockchain and Tronix’s own cryptocurrency) is the only one to capture growth in the dark crypto landscape. It has risen more than 4% and is currently trading at $ 0.086.
Looking deeper, we find that Ether, which is the second largest cryptocurrency and second only to Bitcoin, has fallen more than 3% and is currently trading at $ 2,465. The value of dogecoin, another popular cryptocurrency, has fallen nearly 1% and is also trading at $ 0.12.
Other popular cryptocurrencies, such as Polkadot, Cardano, Uniswap, Terra, XRP, Avalanche, Polygon and Stellar, have also experienced falling prices. Solana is another one that is seeing a sharp drop as it has fallen by 13% for the week and by almost 60% since the beginning of the year.
Unfortunately, this drop in crypto prices is not outstanding (something we covered before). Instead, it seems to be a recurring theme in the crypto market over the last few years. This begs the frequent question: why do cryptocurrencies continue to fall over the weekend?