The bloodbath in the cryptocurrency market continued on Thursday, with Shiba Inu and Dogecoin losing 30 per cent and 25 per cent, respectively. Bitcoin and Ethereum were trading lower by almost 9 per cent and 15 per cent, respectively.
The global crypto market has lost approximately $830 billion in market capitalisation within six weeks. The global crypto market cap is down 12.91 per cent from $2.07 trillion on April 2, 2022, to $1.24 trillion at 8.50 am on Thursday. However, the global crypto volume was up by 39.34 per cent to $218.06 billion, as per Coinmarketcap data.
Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $28,881.96, lower by 8.93 per cent in the last 24 hours. Ethereum (ETH) crashed by 14.59 per cent to $2,052.45.
“Bitcoin fell below support levels of $30,000 for a short while, following the fall of terraUSD (UST), a USS dollar pegged stablecoin. With the collapse of the well known stablecoin and majority of institutional crypto investors losing money, the market is in a frenzy. Besides Bitcoin, other major altcoins witnessed trading in deep red. The market leader is indicating oversold levels, upside seems to be limited. A brief price rally might take place, however a strong break is not expected, says Gaurav Dahake, CEO and founder, Bitbns.
Among other major coins, Cardano (ADA) was down by 23.39 per cent at $0.4863, Algorand (ALGO) was trading with a loss of 27.04 per cent at $0.4339, Binance Coin (BNB) was down by 18.42 per cent at $262.59, Solana (SOL) was trading with a loss of 29.6 per cent at $47.91, and Polkadot (DOT) was down by 25.57 per cent at $8.53.
Today’s top gainer was Metacyber (METAC), which was up by 329.24 per cent at $0.00000008982. The top loser was Terra (LUNA), which was down by 96.42 per cent at $0.5104.
— Outlook Business & Money (@outlookbusiness) May 12, 2022
Meme Coin And DeFi Prices
Dogecoin (DOGE) was down by 25.9 per cent at $0.08175. Its volume to market cap ratio stands at 0.247. Rival Shiba Inu (SHIB) was down by 29.56 per cent at $0.00001147.
Dogelon Mars (ELON) lost 32.66 per cent to trade at $0.0000004676, Floki Inu (FLOKI) lost 31.64 per cent at $0.000007476, and Samoyed Coin (SAMO) was down by 26.74 cent at $0.007114 .
In the DeFi segment, YFI (yearn.finance) was down by 20.44 per cent at $11,005.11. Terra (LUNA) was trading with a loss of 96.42 per cent at $0.5104, Avalanche (AVAX) lost 33.47 per cent at $29.66, Uniswap (UNI) was down by 22.43 per cent to trade at $4.77, and Aave (AAVE) was trading with a loss of 26.79 per cent at $77.83.
14/ Terra’s focus has always oriented itself around a long-term time horizon, and another setback this May, similar to last year, will not deter the #LUNAtics. Short-term stumbles do not define what you can accomplish.
It’s how you respond that matters.
— Do Kwon 🌕 (@stablekwon) May 11, 2022
Indian cricket team captain Rohit Sharma will launch his first personal non-fungible token (NFT) artwork on the FanCraze Cricket Metaverse Platform. This NFT will feature the artwork of a Rhino along with his own image and will also have his autograph.
Sharma partnered with Animal Planet in 2015 to launch the ‘Rohit4Rhinos’ Campaign; with this new NFT, he hopes to spread awareness about the same. “It is special for me to take a cause so close to my heart into newer mediums to raise awareness. We all need to work towards leaving a better world behind, and the NFT with FanCraze will give fans the opportunity to own unique artwork and spread the word around the #Rohit4Rhinos campaign,” he said in a statement.
In other news, AMC Theatres, a global theatre chain, saw various cryptocurrencies accounting for 35 per cent of the total online payments in Q1 2022. AMC Theatres allows people to pay for their select purchases in cryptocurrencies like Bitcoin, Dogecoin, Shiba Inu, Ethereum, Litecoin (LTC) and Bitcoin Cash (BCH). Click here to read more about that.