Cryptocurrency prices continued to trade in red on Tuesday as the global cryptocurrency market capitalization today is $2.24 Trillion, a 5.0% decrease in the last 24 hours, according to Coingecko.
Meanwhile, Bitcoin tumbled below a closely watched price level as the slide in the largest cryptocurrency from its all-time high extended into a fifth week.
Similarly, other cryptocurrencies such as Ethereum, Dogecoin, Shiba Inu also plunged on Tuesday, according to CoinGecko.
Dogecoin prices fell 4.3% in the last 24 hours to $0.157700, while Shiba Inu prices dropped 5.7% during the same period to $0.00003337. Ethereum prices plummeted 5.2% in the last 24 hours at $3,779.56.
The global cryptocurrency market capitalization stood at $2.24 Trillion on Tuesday, a 5.0% decrease in the last 24 hours.
Total cryptocurrency trading volume in the last day is at $115 Billion. Bitcoin dominance is at 39.4% and Ethereum dominance is at 20%, according to CoinGecko.
This is in view of Bitcoin dropping for four consecutive weeks as measured by the seven days ended Friday. Unlike most traditional asset classes and securities, digital tokens trade around the clock, often on lightly regulated online exchanges worldwide.
Bitcoin got a brief boost Friday after a report showed US consumer prices accelerated, supporting the argument that the coin is a hedge against the erosive impact of inflation. On December 4, the token tumbled as much as 21% before recouping around half the loss hours later. It’s still down about 30% from its record high of almost $69,000 reached November 10.
Proponents have long argued that Bitcoin and other digital assets, on account of their being an idiosyncratic asset class, could act as hedges against swings in other areas of the financial market. Only 21 million Bitcoin will be put into circulation under the computer protocol that governs issuance, though that figure isn’t expected to be reached for another 100 years.
Never miss a story! Stay connected and informed with Mint.
Download
our App Now!!
