Cryptocurrency Market Loses $170 Billion in 24 Hours

Bitcoin dropped below $34,000 as the total cryptocurrency market cap reached $940 billion, down from $1.1 trillion on Sunday.

The cryptocurrency market lost more than $170 billion in market value in the last 24 hours as the world’s largest crypto asset Bitcoin dropped below $34,000. The overall value of the crypto market reached $940 billion, down from $1.1 trillion yesterday.

As of writing, Bitcoin is trading around $33,500, down more than $8,000 from its recent high of $41,500. The total market cap of Bitcoin reached $635 billion. BTC is down nearly 15% in the last 24 hours as selling pressure intensified in the Asian session.

Ethereum, the world’s second-largest crypto asset is down more than 18% since yesterday, as the cryptocurrency lost the important $1,100 price level. ETH is currently trading near $1,050. The price jumped above $1,300 recently in an effort to register another all-time high.

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XRP, the world’s fourth-largest cryptocurrency dipped nearly 18% to reach $0.27. XRP has gained significant value in the last 7 days after a significant crash caused by the SEC’s recent lawsuit against Ripple. XRP is still up more than 15% since last week despite the recent price crash.

Cryptocurrency Correction

The crypto market has been on the rise since the start of 2021, the overall market cap gained significant value in the last ten days. Finance Magnates earlier reported that several analysts are predicting a huge correction in January. Apart from major cryptocurrency assets like Bitcoin as Ethereum, other digital currencies including Litecoin, Bitcoin Cash, Cardano, Polkadot, Chainlink and Steller, all are down in double digits. Due to massive gains in the last week, Stellar (XLM) and Cardano (ADA) are still up significantly since the last week.

The recent cryptocurrency market crash started on Sunday in the US session when Bitcoin dropped from $39,000 to $35,000 within minutes. The world’s largest cryptocurrency recovered quickly to $37,500 but the Asian session added pressure on BTC. Blockchain tracking and analytics company, Whale Alert reported a massive move earlier today when an unknown user transferred 3,875 BTC worth nearly $138 million to an unidentified wallet.

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