The price drop has coincided with a decline in the larger financial markets, which has spread to other prominent cryptocurrencies like Ethereum (ETH), Cardano (ADA), and Terra (LUNA). On May 4, the entire value of the crypto market stood at $1.739; in comparison, the price of the entire market as of May 11 stands at $1.364 trillion, according to CoinMarketCap data. Thus, in just seven days, a total of $375 billion has outflowed the global cryptocurrency market cap as the bearish sentiment across markets has taken its toll on crypto as its values continue to spiral downwards. The global cryptocurrency market capitalization has decreased by 7.09% over the previous day, with volume over the last 24 hours totaling $148.02 billion, representing a fall of 29.18%. While the overall volume of DeFi is presently $17.67 billion, the total volume of all stable currencies is currently $134.92 billion, accounting for 91.15% of the total 24-hour volume of the cryptocurrency market. Presently with the total value of the cryptocurrency market has fallen to less than $1.5 trillion, representing a decrease of more than half from its all-time high in November.
Bitcoin continues to influence the market
There is debate among analysts as to whether the recent decline is part of a longer-term bear trend or is just a transitory dip in what has been an extraordinarily turbulent year for Bitcoin. Bitcoin’s decline below $30,000 on Tuesday morning, May 10, has placed it on the verge of a critical support level, which analysts believe will serve as an essential testing ground for the cryptocurrency and its price trajectory in the future. Meanwhile, LUNA continues to fall, currently trading at $4.84, down 84.35% in the last 24 hours and 94.28% in the past week. Now, Terra has a market cap of $2.05 billion after the enormous outflow and has consequently dropped out of Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
