Crypto Crash: Why is cryptocurrency market crashing? Check top 10 crypto prices today

Crypto Crash: Here’s why global cryptocurrency market is crashing? Check top 10 crypto prices today – Bitcoin, Ethereum, Solana, Dogecoin, Shiba Inu, Cardano, Terral price Today

by Rajeev Kumar via Financial Express

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Cryptocurrency Prices Today in India (May 9, 2022): The global crypto market cap has shrunk to $1.54 trillion, decreasing by 2.28% in the last 24 hours, according to CoinMarketCap data on Monday (11.26 pm). Almost every top 10 crypto prices have decreased in the last 24 hours while the global cryptocurrency market volume over the last 24 hours increased by 3.18% to $96.96 billion. The total volume in DeFi was $11.39 billion, which is 11.39% of the total crypto market 24-hour volume. Stable coins volume was $87.56 billion, which is 90.3% of the total crypto market 24-hour volume. 

The Bitcoin price has also shrunk to $33,628. Bitcoin’s dominance as top crypto asset remains unchanged over the last day at around 41.48%. The overall Bitcoin price has decreased  by 13.64% in the last 7 days. In the last 24 hours, Bitcoin price decreased by 2.25%.

Experts say that panic over inflation and fears of a potential recession are reasons behind the ongoing crypto market crash.  

“When the Fed Reserve announced that interest rates would rise by half a percentage point, BTC saw a brief relief rally where the crypto touched $40,000. This sentiment did not last for long as market participants began panicking over inflation and a potential recession, resulting in equities and crypto markets plunging,” Darshan Bathija,  CEO and Co-Founder of Vauld, told FE Online.  

A sharp fall in market sentiment resulted in Bitcoin registering levels around $34000, while ETH dropped to $2527.

The fear and greed Index for crypto, which gauges market sentiment stood at “extreme fear” at the moment.

“The crypto markets have been moving in lock-step with the equities market, and what we’re seeing right now is investors treating BTC as a risk-on asset. In light of fears of rising inflation, most investors have taken a risk-off approach – selling stocks and cryptos alike in order to cut down risk,” said Bathija.

Top Crypto Prices

Prices of several other top 10 crypto assets have fallen sharply in the last few days.  Take a look at how the prices moved in the last 24 hours:

Ethereum (ETH): Ethereum price decreased by 3.41% to $2450 in the last 24 hours. In the last 7 days, ETH price has decreased by 14.15. It is currently ranked second largest crypto asset in terms of market capitalisation.  

Binance (BNB): Binance coin’s price decreased by 3.13% to $347 in the last 24 hours. In the last 7 days, BNB price has shrunk by 11.05%. It is currently ranked as fourth biggest crypto asset in terms of market capitalisation.  

XRP: XRP coin’s price decreased by 0.55% to $0.5656 in the last 24 hours. In the last 7 days, XRP price has decreased by 9.40%. It is currently ranked as 6th biggest crypto asset in terms of market capitalisation.  

Solana (SOL): Solana price decreased by 13.41% to $74.91 in the last 24 hours. In the last 7 days, SOL price has decreased by 16.73%. It is currently ranked as 7th biggest crypto asset in terms of market capitalisation.  

Cardano (ADA): Cardano token’s price decreased by 4.21% to $0.7069 In the last 24 hours. In the last 7 days, ADA price has decreased by 10.53%. It is currently ranked as 8th biggest crypto asset in terms of market capitalisation.  

Terra (LUNA): Terra coin’s price decreased by 3.61% to $62.69 in the last 24 hours. In the last 7 days, LUNA price has decreased by 24.59%. It is currently ranked as 8th biggest crypto asset in terms of market capitalisation.   

Popular memecoin Dogecoin’s (DOGE) price decreased by 2.71% in the last 24 hours while Shiba Inu (SHIB) price decreased by 4.97% over the last day. DOGE is currently ranked 12th and SHIB 15th in terms of their respective market capitalisations. The price of DOGE at the time of this report was $0.1221 while SHIB price was $0.00001771.