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- The cryptocurrency sector has witnessed heavy bloodshed as the total market cap lowers down to $973.2 Million at the time of writing.
- The international crypto sector has already shed off over A Buck Trili already this year, creating heavy turbulence in the market.
- AS of now, the top crypto asset Bitcoin was still dominating the market, but was in heavy turmoil, exchanging hands at $23,743.23, down by 24.37% during the last 7 days.
Sell Off By Investors Creating Turbulence
These are tough times for the cryptocurrency space, there’s no denying it, but what is it that has triggered such a bloodbath in the market? The total crypto market cap has plunged heavily and was standing at $973 Million in contrast to yesterday.
This havoc seems to come into the emergence due to the panic of investors selling off their assets in response to inflation fears. Not just this, they are also avoiding riskier assets, which we can witness in the share markets as well.
The crowned crypto-asset Bitcoin also received some heavy blows and was trading at $23,743.23 at the time of publishing, while the rest altcoins are suffering from this turbulence too.
Ethereum too has slipped laboriously down the cliff, exchanging hands at $1,222, and Solana down by 39.22%, trading at 26.58 at the time of publishing.
As per the researchers, the cryptocurrency price downtrend points toward a plunging risk appetite of investors. With all the volatilities and uncertainties in the market, cryptocurrency is considered among the most volatile assets existing for to invest.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
