The cryptocurrency market faced a massive crash over the past weeks, but the most significant happening in the industry now is its $200 billion drop in its prices in 24 hours. There are reports that it is getting dangerous for the crypto industry, and its monthlong downward trend is alarming for all investors in the digital blockchain.
Cryptocurrency Crash: $200 Billion in 24 Hours
CNET reported that there is a massive crash in the cryptocurrency industry that exceeded $200 billion in the past 24 hours alone, and it is one alarming event in the blockchain market. The data and information came from CoinMarketCap's graphs and focus on the market, which saw a significant change in its charts for the past day.
The world is on edge regarding the happenings in the crypto market, especially as the stock market also saw some changes in its numbers in the past few days. People are also surprised by TerraUSD's drop in its valuation, especially as it is a stablecoin that dipped to 0.40 cents in the past few days, as opposed to expectations that it will remain in the $1 mark.
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What are the Prices of the Top Crypto Now?
The top three coins remain as follows: Bitcoin, Ethereum, and Tether USDT in the charts from CoinMarketCap.
Bitcoin, one of the most guarded prices in the industry, now reflects a value of $29,500 and is still fluctuating.
Ether or Ethereum is seeing a $2,000 value from its previous value of $2,700 last week; The coin also dropped to $1,900 last Thursday.
Tether, a supposed stable coin, saw a price of $0.9976 in its valuation from its $1 value last Sunday, May 8.
Crypto Down: What is Happening?
The first drop in Bitcoin prices and cryptocurrency, in general, happened last Monday, May 9, as investors woke up to a red mark on the graphs, as the industry saw a massive crash to begin the week. Last Sunday, May 8, the world still saw a green graph for the top coin, with a $36,000 valuation before its massive reduction to $31,000 as the market closed only four days ago.
Fast forward to two days later, on Wednesday, May 11, the Bitcoin prices then again dropped from $31,000 to $29,000, where they rested there until now. However, amidst those prices, Bitcoin saw an all-time low that dropped beneath its safety line to $28,000, $27,000, and $26,000, respectively.
The good thing is that it jumped back to $29,000 within the day.
The extreme happenings in the cryptocurrency industry only show how unpredictable and volatile the market is, especially now as the world is more welcoming to the digital blockchain in many transactions. However, it does not mean that cryptocurrency is a sure thing already, and people should not be complacent despite its massive skyrocketing prices after some time.
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This article is owned by Tech Times
Written by Isaiah Richard
