Crypto / Bitcoin Crash 2022: The prices of all top cryptocurrency tokens continue to be in the Red since the start of the New Year. The largest cryptocurrency by market capitalisation – Bitcoin – dropped to as low as $41,270 in the last 24 hours before recovering to $42,303 at the time of writing this report, according to CoinMarketCap data.
Since 1st January 2022, Bitcoin price has dropped from near $47,000 to $42,303, dampening retail investors’ mood. In the last seven days, Bitcoin price has slumped by 12.35%. The top crypto token has dropped about 40% from the $69,000 high it touched on November 10, 2021.
The prices of other top crypto tokens have also dipped in the last seven days.
The price of the second most popular token – Ethereum (ETH) – has dropped by 14.5% in the last 7 days. ETH price at the time of writing this report was $3236, down 3.78% in the last 24 hours alone.
Binance Coin (BNB), which is ranked fourth by market capitalisation, has dropped 13.22% in seven days. A drop of 20.48% has been seen in the price of Solana (SOL), the fifth-largest crypto token by market cap.
Among the top 15 coins, Terra (LUNA) price has dropped by 19.86%; Polkadot (DOT) by 8.10% and HEX by 24.70%. Avalance coin (AVAX) price has dropped by 15.31% in the last seven days.
Prices of last year’s most popular meme coins – Dogecoin (DOGE) and Shiba Inu (SHIB) – have also dropped by 10.15% and 13.93% in the last seven days. Both of these coins enjoy the 13th and the 14th position respectively in terms of market capitalisation.
The continuously falling prices of popular crypto tokens have left retail investors worried. However, this is not the first time when such a price crash in the cryptocurrency market has been witnessed. Experts have given some of these reasons behind the current fall in prices of popular crypto tokens.
(Cryptocurrency markets are highly volatile. They are also unregulated assets for investment in India. Investing in crypto could lead to losses. Hence, investors should do proper due diligence and consult their financial advisors before investing in crypto).