Cryptocurrencies Struggle Over Weak Buying Catalysts
Top cryptocurrencies struggle to buck the downward trend as retail investors continue to trade exits amidst pressures while market capitalisation dragged lower again near $900 billion, from a peak of $3 trillion last year.
At the press time, Bitcoin (BTCUSD), the largest cryptocurrency by market value, was changing hands at $20,062, down 1% in the past 24 hours, according to CoinDesk data.
Trading volume was at $23.17 billion, up more than 11%. The most popular cryptocurrency is currently down more than 56% since the beginning of the year, compared with 29% for the tech-heavy Nasdaq 100 index and 20% for the S&P 500 index.
Ethereum (ETHUSD), the second-largest digital asset, sank 4.6% to $1,103, extending its 2022 slump to nearly 70%. XRP (XRPUSD), the fifth-largest digital asset, decreased 3.3% to $0.33, whereas Solana (SOLUSD) and Cardano (ADAUSD), the sixth- and seventh-largest, were down 5% and 1.5%, respectively.
The third- and fourth-largest digital assets, Tether (USDTUSD) and USD Coin (USDC), which are stablecoins pegged to the US dollar, were trading 0.03% and 0.04% lower from their value in the past 24 hours. Meanwhile, Luna Classic, Shiba Inu (SHIBUSD) and Dogecoin (DOGE) rose 54%, 3.2%, and 1.8% respectively.
The overall market capitalization of the cryptocurrency industry fell 3.3% in the past 24 hours to $936 billion, according to CoinGecko data. #Cryptocurrencies Struggle Over Weak Buying Catalysts
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