Cryptocurrencies such as Bitcoin, Ethereum, Dogecoin, and Shiba Inu face devastating drops in their market value. The current trading value of the biggest cryptocurrency, Bitcoin, is $50,134, which was at its highest price in November, i.e. $69,000.
Within 24 hours, the prices of 97 cryptocurrencies out of 100 listed on CoinMarketCap have fallen. However, amidst the downfall, Polygon’s MATIC token jumped 40 per cent, and Metaverse is also getting enough hype.
The fear that crypto has reached a peak continues to rise as monetary support scales back in the US and the news of India’s plan to ban cryptocurrencies. Except for a few exceptions, all private cryptocurrencies are banned by India, and they are launching a central bank-backed official digital currency. Volatile cryptocurrencies will vary in value without notice, but large fluctuations will often occur without warning, as the latest plunge illustrates.
On Friday, the crypto market cap was $3.7 trillion, but almost $1.5 trillion has been wiped, leaving the capitalisation at the current value of $2 trillion.