Cryptocurrency markets have shrunk as major top tokens bleed red in the last 24 hour. Despite this, the global market cap is up by 0.85 per cent in the last 24 hours and is at $1.81 trillion as of 8:00 AM IST, CoinMarketCap data showed.
Bitcoin is up by 5.85 per cent but is trading below the $40,000 mark at $39,702. Ethereum also shows slight uptrend and is at $ 2,921 after sliding up 0.85 per cent.
The USDT Tether showed 0.02 percent downtrend and the USDC stablecoins showed 0.01 per cent downtrend in the last 24 hours.
The BNB token has gone up by 3.72 per cent.
Solana fell by 1.48 per cent.
XRP Ripple is also down by 1.32 per cent in the last 24 hours.
The ADA token showed 0.04 per cent downtrend.
Terra LUNA is down by 1.71 per cent in the last 24 hours.
Terra USD has become the tenth most valuable token by market cap after surpassing Dogecoin, and Avalance. The token is 0.10 per cent in red.
Overall, the major top tokens slid down from their positions in the last 24 hours.
As per data from Coinbase, memecoin Shiba Inu is now the second longest-held cryptocurrency after the ADA token of the Cardano blockchain.
Moreover, amid recent volatility, crypto analyst Benjamin Cowen has issued a warning for a severe Bitcoin sell off in the coming time. On top of that, Solana co-founder Anatoly Yakovenko has recently commented that eventually, if Bitcoin doesn’t move to the Proof of Stake consensus mechanism from Proof of Work, the popularity of the token would reduce because the excessive requirement of energy used in mining the cryptocurrency.
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