Cryptocurrency Update: Bitcoin, Ether and other major crypto coins have been suffering a bloodbath that continued on Monday, January 24. This has also sent the global cryptocurrency market cap for a toss. During the day, most major crypto coins, barring USD Coin and Tether, headed for a loss, keeping the markets in red for days in a row. However, six crypto coins also gained up to around 600 per cent during the day. Despite this, the global crypto market cap was standing at 1.53 trillion at 1750 IST, according to data from CoinMarketCap. This was down by 7.32 per cent in the last 24 hours.
The total crypto market volume also decreased over the day, falling by 8.49 per cent over the last 24 hours. The crypto market volume was standing at 96.36 billion at the time of writing this article.
Bitcoin lost significantly over the past 24 hours, scaling the $33,000 mark, while Ether also lot over 10 per cent to clinch to the $2,200 mark. Other major crypto coins such as Solana, Cardano, Binance, XRP and Shiba Inu also shed their values.
“The total crypto volume fell by nearly 35% in the past 24 hours. Bitcoin traded at its lowest below US$35,000 in the past three months yesterday. This sharp dip in BTC is creating tension among the serious BTC investors. While Ethereum is also low, trading below US$2,500," said Edul Patel, CEO and co founder of Mudrex.
According to the market cap, the other top cryptos such as Terra, Dogecoin, Avalanche, Shiba Inu, Cosmos, and Algorand have gained decent growth from the previous day. This downfall can be attributed to the growing inflation, uncertainty around Omicron-variant, and the strict monetary policies. The coming week would be crucial for the whole crypto spectrum," he added.
Multiple factors, such as China shutting down Bitcoin mining in Sichuan province, the emergence of the Covid-19 variant, downward trod 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. Over the last 24 hours, the value of one coin increased by 622.11 per cent. One token was priced at $0.03767, as per data. Obsidium and Exohood were the other two gainers who occupied the next top spots on the day.
Top 6 Cryptocurrency Gainers in the Last 24 Hours (According to Data from CoinMarketCap)
En-Tan-Mo: $0.03767 - up by 622.11 per cent
Obsidium: $0.3282 - up by 600.07 per cent
Exohood: $0.001359 - up by 290.27 per cent
ASYAGRO: $0.003978 - up by 174.99 per cent
Crazy Rich Coin: $0.00005663 - up by 131.93 per cent
Devour Token: $0.00000001012 - up by 115.53 per cent
Top 6 Cryptocurrency Losers in the Last 24 Hours (According to Data from CoinMarketCap)
AutoMatic Network: $0.001701 - down by 99.91 per cent
NinjaFloki: $0.0000003901 - down by 87.89 per cent
PAPPAY: $0.0000001515 - down by 74.31 per cent
Covid Slice: $0.00001407 - down by 68.69 per cent
Pmail: $0.000004017 - down by 68.02 per cent
MetaSafeMoon: $0.0000000005587 - down by 60.07 per cent