The cryptocurrency market dipped further today on the back of Bitcoin prices witnessing a much deeper drop below $30,000 level following a brief uptick just earlier this month. The world’s largest and most popular cryptocurrency dropped even further from yesterday at 5.3% on Sunday and was trading at $27,642.28.
It is worth noting that the popular digital token is trading far below its record high of $69,000 it had hit in November last year. The total cryptocurrency trading volume in the last 24 hours is at $77.1 billion with Bitcoin dominance at 45.7% and Ethereum dominance at 15.4%.
Cardano witnessed a massive fall at 10.9% trading at $0.522211, Solana dropped even further at 13.6% trading at $32.43. Dogecoin fell 12.8% at $0.066169 on Sunday morning, while Shiba Inu dropped 13.4% at $0.00000886. Other digital currencies including Avalanche, Polkadot, Polygon all witnessed a start drop in prices on Sunday.
The losses in cryptocurrencies have been deepening since earlier this, with everything from Bitcoin to Ether to Solana either setting or approaching their lowest levels of the year.
The MVIS CryptoCompare Digital Assets 100 Index, a market cap-weighted measure which tracks the performance of the 100 largest tokens, declined 4.9%, bringing the drawdown for the year to almost 50%.
Bitcoin, which accounts for almost half the index, slumped for a fourth day. Ether, which makes up about 18%, breached an earlier low set at the start of May after the collapse of the Terra blockchain. Popular DeFi tokens such as Solana and Cardano fell even more.
Investors are increasingly saying the market is in the midst of crypto winter, as extended period of declines have become known over the years. While crypto prices have been dropping since early November, when Bitcoin reached its all-time high, the declines accelerated after the collapse of the TerraUSD (UST) stablecoin and related Luna cryptocurrency that resulted in losses of tens of billions in market value.
The market is also digesting bad economic news, which had hit tech stocks — which many coins have shown correlation to — particularly hard. Data released Friday on US consumer prices showed inflation continues to accelerate.
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