The significant drop in the prices of Bitcoin and Ethereum have caused havoc in the crypto market. The leading crypto coins are experiencing downfall due to miners dumping mining equipment in China. All the fiasco happened when Tesla refused to take payments in Bitcoin.
There was a decline of 8.21% in the crypto market cap over the last 24 hours, which is $1.8 trillion now. As of the past few hours, Bitcoin’s price has fallen by 14.15% in the past seven days, and Ethereum’s price has dropped by 14.95% in that time.
The following is a list of 5 top cryptocurrencies at the moment. Now let’s look at their current prices.
Bitcoin (BTC)
Bitcoin is the world’s first cryptocurrency after taking a significant hit, it is currently standing at US$39,650.52. The BTC took a major hit and observed a 5.89% decrease at the time of writing.
A decrease of 8.16% has been recorded in the past 24 hours. The similar stats were observed when comparing its price over the past seven days, it has a decrease of 14.94% in its price.
See here the Bitcoin Live Price.
Ethereum (ETH)
The second most popular cryptocurrency is also facing a downfall following the footsteps of Bitcoin. The Ethereum price is $2,971.28, with a change of -7.20% at the time of writing. Ethereum’s market cap is currently standing at $357.56B.
ETH is down to -9.49% in the last 24 hours and 15.53% in the previous seven days. The annual inflation rate of Ether is about 4.5% which is worrisome for the investors.
Tether (USDT)
The current price of Tether is $1.00002000 with a trading volume of 72.361 billion. There is no change in its price at the time of writing. However, Tether has observed a decrease of 0.07% in the past 24 hours. According to the current market capitalization rankings, it is currently the third most valuable cryptocurrency after BTC and ETH.
Binance (BNB)
Due to the fact that Binance introduced it which is a cryptocurrency exchange platform, Binance coin has become a popular cryptocurrency in a short period of time. The cryptocurrency is currently ranked fourth by market capitalization at $65.056 billion, according to the information at the time of writing.
Currently, BNB price is $394.0 and has seen a -5.72% change. The previous statistics reflect the downfall as it observed a 5.62% decrease in the last 24 hours and an 11.03% decrease in the past seven days.
USD Coin (USDC)
The USD Coin is the fifth biggest cryptocurrency according to market capitalization, and it is a stablecoin that can be exchanged for US dollars on a one-to-one basis. Its current price is $1, with an increase of +0.01%.
The USDC has observed a -0.05% change in the past 24 hours and 0.00% in the last seven days. The market cap of this cryptocurrency is $50.715 billion.
Conclusion
The growth of cryptocurrencies has been unprecedented in recent years, with Bitcoin being one of the most famous cryptocurrencies in existence. There are many other cryptocurrencies that have taken off since then, such as Ethereum, Tether, USD Coin etc..
Cryptocurrency is a market whose future is uncertain; some experts believe it will continue to grow exponentially, while others predict it will crash and die.
