It was already quite a bloodbath in the cryptocurrency market yesterday, but apparently that was not the worst. The crypto prices make another big dive today and the altcoins fall a lot faster than bitcoin (BTC) this time. Today it is one of the deepest red markets in a long time and the total market cap of all crypto is down 14% to $1.23 trillion.
Daily Market overview.
Market cap: $1.22T -18.7%⬇️🚨
SPOT Volume 24h: $146B +4.46%⬆️🚨$BTC dominance: 42.31% +6.45%⬆️🚨
Fear & Greed Index: 12😱extreme fear sentiment Most projects in capitulation.🚨🔴#Bitcoin $BTC $ETH #Ethereum
— IT Tech (@IT_Tech_PL) May 12, 2022
Ethereum drops by 20%
Ethereum (ETH) seemed to recover briefly to USD 2,400 yesterday morning, but then dived along with bitcoin after the publication of the American consumer price index. Ether plunged all the way to $1,775 today, even below last summer’s dip. However, ETH made a small bounce back to $1,900 after that, but is still a hefty 20% down today.
#Ethereum‘s whales have been extremely active today, firing off 2,596 transactions valued at $1M or more. This is the highest day of whale transactions since January, and something to monitor if $ETH drops below $2k for the first time since last July. https://t.co/FZoTsFJwEn pic.twitter.com/MVFEpzysxN
— Santiment (@santimentfeed) May 11, 2022
TRON holds up a little better
The list of top 10 largest altcoins (without stablecoins) will look slightly different today for the first time in months. Tron (TRX) falls back into this list again and held the best position in the past 24 hours. Nevertheless, the TRX price is 6% in the negative and now stands at $0.7.
— TRON DAO Reserve (@trondaoreserve) May 12, 2022
BNB, XRP, DOT, DOGE, AVAX plummet
Binance coin (BNB) makes a small bounce back towards $250, but is still 19% down today. Ripple (XRP) is already down 27% to USD 0.37. Polkadot (DOT) is down 25% and is currently romping at $8. Dogecoin (DOGE) is down 28% and comes in at $0.076. Avalanche (AVAX) is down 26.5% and is romping at $28.
SOL, ADA, SHIB fall more than 30%
Solana (SOL) is no less than 31% in the negative and comes in at $43.8. Cardano (ADA) is already 32% in the red, dropping to USD 0.44. Shiba inu (SHIB) is even 31% in the minus and drops to $0.00001 with which it now has a small market cap than tron.
Crypto top 100 hardest fallers
Also aave (AAVE), waves (WAVES), neo (NEO), enjin (ENJ), dash (DASH), pancakeswap (CAKE), and near (NEAR) are all down about 30% today. For internet computer (ICP), decentraland (MANA) and thorchain (RUNE) this is 31%. Arweave (AR), zilliqa (ZIL) and polygon (MATIC) are down about 32%. Theta fuel (TFUEL) and convex finance (CVX) are 37% in the min. Stepn (GMT) is down 38%, graph (GRT) is down 41% and fantom (FTM) is down 43%. eCash is no less than 48% in the min.
LUNA plummets by 99%
Terra (LUNA) plummeted to $0.07 this morning and is now down 98.6% today and even 99.9% this week. LUNA remains the hardest descender and is on the cusp of falling even out of the top 100 largest crypto while it was still in fifth position last week.
The primary obstacle is expelling the bad debt from UST circulation at a clip fast enough for the system to restore the health of on-chain spreads.
— Terra (UST) 🌍 Powered by LUNA 🌕 (@terra_money) May 12, 2022
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