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Kava (KAVA) token’s price fell significantly as the global crypto market capitalization plunged by over $30 billion in just 24 hours.
The asset registered three days of consecutive wins from June 5 to June 7. KAVA even defied the bear storm created by the US Securities and Exchange Commission (SEC), suing Binance and Coinbase.
However, with the global market slump, kava also dropped by almost 19% in the past 24 hours. The asset is trading at $0.949 at the time of writing while its 24-hour trading volume plunged by 45% — currently standing at roughly $82 million.
Data shows that KAVA’s market capitalization is just over $531 million at the time of writing. The downward movement comes as the global crypto market fell by 1.8% in the past 24 hours, according to data provided by CoinMarketCap (CMC).
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Moreover, the total crypto market’s value rose to a local high of $1.135 trillion on June 7 but plunged to $1.1 trillion over the past 24 hours.
On March 14, the asset became the top gainer on Cosmos as users hoped to use the layer-1 blockchain’s interoperability.
Last month, South Korea’s digital asset exchange alliance (DAXA), comprised of five significant exchanges in the country, removed warnings on KAVA and WAVES. The coalition announced that the expected problems with the blockchains had been resolved.
Since removing the warnings, KAVA’s price fell by around 14% in just a week and consolidated for another week before a major hike.
Read more: South Korean exchanges remove warnings on WAVES and KAVA