Cryptocurrency markets have shrunk as major top tokens bleed red in the last 24 hour. The global market cap is down by 5.18 per cent in the last 24 hours and is at $1.77 trillion as of 8:00 AM IST, CoinMarketCap data showed.
Bitcoin is down by 5.44 per cent and is trading below the $40,000 mark at $38,321. Ethereum also plummeted and is at $2,832 after sliding down 5.74 per cent.
The USDT Tether and USDC stablecoins showed 0.01 per cent downtrend in their values in the last 24 hours.
The BNB token has gone down by 3.74 per cent.
XRP Ripple is also down by 7.09 per cent in the last 24 hours.
The ADA token showed 5.74 per cent downtrend.
Terra LUNA is down by 7.81 per cent in the last 24 hours.
Solana fell by 4.33 per cent. Avalanche is down by 3.81per cent.
Overall, the major top tokens slid down from their positions in the last 24 hours.
It is noteworthy to mention that Dogecoin, which is a memecoin, often considered the favourite cryptocurrency of tech mogul Elon Musk slipped down to the position of the eleventh most valuable cryptocurrency by market cap. The token was amongst the top 10 tokens yesterday in light of Elon Musk’s Twitter buy out. Elon Musk had previously suggested integrating Doge in Twitter Blue, which is the premium paid service of the microblogging site.
The token is down a whopping 9 per cent after rallying around 30 per cent yesterday after Elon Musk’s announcement.