Cryptocurrency Update: Bitcoin, Ether and other major cryptocurrencies have endured a bloodbath that continued on Monday, January 24. This has also put the global market cap for cryptocurrencies to the test. During the day, most major cryptocurrencies, with the exception of USD Coin and Tether, went down, leaving markets in the red for days. However, six crypto coins also gained around 600 percent during the day. Despite this, the global crypto market cap was 1.53 trillion at 1750 IST, according to data from CoinMarketCap. This was a drop of 7.32 percent in the past 24 hours.
Total crypto market volume also declined over the course of the day, falling 8.49 percent in the past 24 hours. The crypto market volume stood at 96.36 billion at the time of writing this article.
Bitcoin lost significantly in the past 24 hours, scaling $33,000, while Ether also gained more than 10 percent to hit $2,200. Other major cryptocurrencies such as Solana, Cardano, Binance, XRP and Shiba Inu are also losing their value.
“Total crypto volume has fallen by almost 35% in the last 24 hours. Bitcoin traded at its lowest point below US$35,000 in the past three months yesterday. This sharp dip in BTC is causing tension among serious BTC investors. Although Ethereum is also low, trading below $2,500,” said Edul Patel, CEO and co-founder of Mudrex.
According to the market cap, the other top cryptos like Terra, Dogecoin, Avalanche, Shiba Inu, Cosmos and Algorand have grown quite a bit from the previous day. This downfall is due to rising inflation, uncertainty surrounding the Omicron variant and tight monetary policy. The next week would be crucial for the entire crypto spectrum,” he added.
Multiple factors such as the cessation of Bitcoin mining by China in Sichuan province, the emergence of the Covid-19 variant, a downward trend in global stock markets can be attributed to the current movement in the crypto market.
En-Tan-Mo became the top gainer in the crypto pack on Monday. In the past 24 hours, the value of one coin has risen by 622.11 percent. According to the data, one token cost $0.03767. Obsidium and Exohood were the other two winners occupying the next top spots of the day.
Top 6 Cryptocurrency Gainers in the Last 24 Hours (According to Data from CoinMarketCap)
En-Tan-Mo: $0.03767 – an increase of 622.11 percent
Obsidium: $0.3282 – an increase of 600.07 percent
Exohood: $0.001359 – an increase of 290.27 percent
ASYAGRO: $0.003978 – an increase of 174.99 percent
Crazy Rich Coin: $0.00005663 – an increase of 131.93 percent
Devour token: $0.00000001012 – an increase of 115.53 percent
Top 6 Cryptocurrency Losers in the Last 24 Hours (According to CoinMarketCap Data)
AutoMatic Network: $0.001701 – 99.91 percent lower
NinjaFloki: $0.0000003901 – down 87.89 percent
PAPPAY: $0.0000001515 – down 74.31 percent
Covid Slice: $0.00001407 – down 68.69 percent
Pmail: $0.000004017 – down 68.02 percent
MetaSafeMoon: $0.0000000005587 – down 60.07 percent
Read all Latest news, Important news and Corona news here.