The bloodbath in the cryptocurrency market continued on Thursday, with Shiba Inu and Dogecoin losing 30% and 25% respectively. Bitcoin and Ethereum were trading down nearly 9% and 15%, respectively.
The global crypto market lost around $830 billion in market capitalization in six weeks. The global crypto market cap is down 12.91% from $2.07 trillion on April 2, 2022 to $1.24 trillion as of 8:50 a.m. Thursday. However, global crypto volume grew by 39.34% to $218.06 billion, according to data from Coinmarketcap.
Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $28,881.96, down 8.93% in the past 24 hours. Ethereum (ETH) crashed 14.59% to $2,052.45.
“Bitcoin fell below the $30,000 support levels for a short time, following the fall of terraUSD (UST), a stablecoin pegged to the US dollar. With the well-known stablecoin collapsing and the majority of institutional crypto investors losing money, the market is in a frenzy. Besides Bitcoin, other major altcoins saw trade in the deep red. The market leader indicates oversold levels, the upside seems to be limited. A brief price rally could take place, but a strong breakout is not expected, says Gaurav Dahake, CEO and Founder, Bitbns.
Among other major coins, Cardano (ADA) was down 23.39% at $0.4863, Algorand (ALGO) was trading with a loss of 27.04% at $0.4339, Binance Coin (BNB) was down down 18.42% at $262.59, Solana (SOL) was trading with a loss of 29.6% at $47.91, and Polkadot (DOT) was down 25.57% at 8.53 $.
Today’s top gainer was Metacyber (METAC) which rose 329.24% to $0.00000008982. The big loser was Terra (LUNA), which lost 96.42% to $0.5104.
— Outlook Business & Money (@outlookbusiness) May 12, 2022
Meme Coin and DeFi prices
Dogecoin (DOGE) fell 25.9% to $0.08175. Its volume to market capitalization ratio is 0.247. Rival Shiba Inu (SHIB) was down 29.56% at $0.00001147.
Dogelon Mars (ELON) lost 32.66% to trade at $0.0000004676, Floki Inu (FLOKI) lost 31.64% to $0.000007476 and Samoyed Coin (SAMO) fell 26.74 cents at $0.007114.
In the DeFi segment, YFI (yearn.finance) fell 20.44% to $11,005.11. Terra (LUNA) was trading with a loss of 96.42% at $0.5104, Avalanche (AVAX) was down 33.47% at $29.66, Uniswap (UNI) was down 22.43% to trade at $4.77, and Aave (AAVE) was trading with a loss of 26.79% at $77.83.
14/ Terra’s focus has always been on a long-term time horizon, and another setback in May, similar to last year, will not deter the #LUNAtics. Short-term stumbles don’t define what you can accomplish.
It’s how you respond that counts.
— Do Kwon 🌕 (@stablekwon) May 11, 2022
Captain of the Indian cricket team Rohit Sharma will release his first personal Non-Fungible Token (NFT) artwork on the FanCraze Cricket Metaverse platform. This NFT will feature the artwork of a rhino with his own image and will also have his autograph.
Sharma partnered with Animal Planet in 2015 to launch the “Rohit4Rhinos” campaign; with this new NFT, he hopes to publicize the same. “It’s special for me to take a cause so close to my heart into new media to raise awareness. We must all work to leave behind a better world, and NFT with FanCraze will give fans the opportunity to own and stream unique artwork. the word around the #Rohit4Rhinos campaign,” he said in a statement.
In other news, AMC Theaters, a global theater chain, saw various cryptocurrencies account for 35% of total online payments in Q1 2022. AMC Theaters lets people pay for their select purchases in cryptocurrencies like Bitcoin, Dogecoin, Shiba Inu, Ethereum, Litecoin (LTC) and Bitcoin Cash (BCH). Click here to learn more about it.
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Bloodbath Continues In Crypto Market; Shiba Inu Crash 30%, DOGE 25%, Ethereum 15%
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