According to CoinMarketCap data at the time of writing, the worldwide crypto market valuation shrank to $1.22 trillion in the last 24 hours, down 4.52 percent from the previous day (9.25 am).
The price of Bitcoin (BTC) has dropped 5% in the previous 24 hours, putting it back in the red and below the $30,000 mark. Bitcoin’s price on global exchanges was $29,603 at the time of publication.
Over the last 24 hours, the overall cryptocurrency market volume grew by 54% to $81.64 billion. The overall volume in DeFi was $6.48 billion, accounting for 8% of the entire 24-hour volume in the crypto market. The 24-hour volume of stable coins was $70.27 billion, accounting for 86.07 percent of the overall crypto market volume.
After over 4% gain on Sunday, Bitcoin has dropped below US$29,000 in the last 24 hours. BTC has been stuck in a tight range between US $29,000 and US $31,000, unable to break over the $31,000 mark.
“BTC is currently trading at around 35% of its all-time high. Bitcoin miners are dumping their shares as mining has become less economical in recent years, resulting in the current decline. “We could witness market volatility for a few more days,” said Edul Patel, co-founder and CEO of crypto investment platform Mudrex.
Changes in the Crypto Rupe Index
CoinSwitch’s Crypto Rupee Index (CRE8), which analyses crypto market performance in Indian rupees, has fallen by Rs 11.72 in the last 24 hours. The index was at Rs 3063 at the time of writing. CRE8 is a crypto index denominated in Indian Rupees that reflects Indian marketing conditions.