Once again, the weekend was difficult for cryptocurrencies as cryptocurrency prices continued to fall. In fact, the sharp fall in prices wiped out more than $ 200 billion from the total market capitalization in a few days. The crypto market worldwide is currently valued at $ 1.6 trillion, down 3% in the last 24 hours.
In addition, the total volume of the crypto market in the last 24 hours fell by nearly 18% to 93.61 billion dollars, while the total volume of DeFi currently stands at 9.81 billion dollars.
Let’s see how the different cryptocurrencies did during the downturn. The largest cryptocurrency of all – bitcoin – fell to $ 34,702.69 on Sunday morning, down 3.8% from Friday night. It later fell below $ 34,000 and is currently trading at $ 33,865, which is less than half of its peak of over $ 67,000 in November 2021.
On the other hand, this is not surprising news, given that the price of bitcoin continues to fluctuate between the range of $ 35,000- $ 45,000, as it becomes increasingly difficult for the crypto market. Some of the reasons for this are the Russian invasion of Ukraine (which is yet to end), rising inflation and central banks stepping up to curb it, and fears of rising Federal Reserve interest rates?
How did Bitcoin’s other cryptocurrencies do over the weekend? Surprisingly, TRON (decentralized blockchain-based open source operating system with its own cryptocurrency Tronix) is the only one to see growth in the otherwise bleak crypto landscape. It rose more than 4% and is currently trading at $ 0.086.
If we look deeper, we find that Ether, which is the second largest cryptocurrency and the second largest after bitcoin, fell by more than 3% and is currently trading at $ 2465. The price of dogecoin, another popular cryptocurrency, fell almost 1% to $ 0.12.
Other popular cryptocurrencies such as Polkadot, Cardano, Uniswap, Terra, XRP, Avalanche, Polygon and Stellar have also fallen in price. Solana is another that has fallen sharply, falling 13% during the week and almost 60% for the year so far.
Unfortunately, this decline in cryptocurrency prices is not extraordinary (something we looked at earlier). Instead, this seems to be a recurring theme in the crypto market over the last few years. This raises many questions: why do cryptocurrencies continue to fall on weekends?