cryptoknowmics.com
As the crypto market dips below $2 trillion for the first time in a month, some of the eleven-digit market capitalization altcoins such as LUNA, AVAX, DOT, LINK, XRP have faced losses in double digits.
Major Altcoins Trading in Red and Suffers Double Digit Losses
The global crypto market cap is now at $1.89 trillion, a 6.45% decrease from the previous day. The total crypto market volume from the past 24 hours is $149.03 billion which makes a 62.31 billion increase.
Currently, the total volume in DeFi is $20.24 billion, 13.58% of the total crypto market's 24-hour volume. At the same time, the volume of all stable coins is now $117.79 billion, which is 79.04 billion of the total crypto market 24-hour volume. Meanwhile, Bitcoin’s dominance has fallen down to 42.47%, a decrease of 0.08% from the previous day.
The net capitalization of crypto markets has lost almost 9% while Bitcoin's price has collapsed from $48,800 to $42,500 in just six hours.
Simultaneously, some major altcoins with a market capitalization of over $10,000,000,000 also took a beating. For instance, Terra (LUNA) lost 16.4% in 24 hours while Avalanche (AVAX) has lost 15.2% of its valuation.
Polkadot (DOT) had been the worst-performing asset among the top 10 altcoins losing 13.6% of its capitalization while its trading volume almost touched $2.5 billion in the past 24 hours. In the meantime, Chainlink’s LINK token has lost 13.4% with XRP facing 12.9% losses of its previous gains.
Evergrande Fears Sweep Crypto Market
Cryptocurrency prices went on a slump as a broad selloff sparked by worries about contagion from China Evergrande Group swept through global markets. While there is no connection to Evergrande and the crypto market, it appears to be a case of widespread risk aversion, with investors going to cash.
With Evergrande backing roughly $300 billion in debt, spread across many banks and other financial companies, a default could ripple through China’s commercial paper and short-term securities markets which could spill over to stablecoin reserves.
The swiftness of the plunge was likely accelerated as more than 272,000 traders had their accounts liquidated over the past 24 hours, equal to around $1.3 billion worth of crypto, according to data from Bybt.