By Priyanka Payal
Tue., 07 Mar. 2023 18:30 (IST)
Cryptocurrency Price Update: The cryptocurrency market continued to extend losses for the second day in a row, as the global cryptocurrency market capitalization fell 0.08% to $1.02 trillion on Tuesday (March 7).
Bitcoin (BTC), the world's most popular cryptocurrency, did not break above $22,400. Bitcoin price was down 0.05% at $22,371.19 per token. Meanwhile, Ethereum, the world's second-largest cryptocurrency in terms of market capitalization, gained 0.11% to $1,564.97 per token. Ethereum has a market capitalization of US$191,511,291,512.
Trading volumes remained significantly lower, indicating that current market sentiments are bearish and further declines are possible.
The digital asset industry had a rough weekend as investor sentiment was low after reports surfaced that crypto lender Silvergate Capital is facing a financial crisis.
With the recent Silvergate crisis, it seems that the crypto winter has been around for longer than anticipated.
XRP was one of the top gainers today, as the altcoin traded 2.89% higher at US$0.373026 on Tuesday.
In today's trading, Synthetix (SNX) and Stacks (STX) were the biggest losers, down 8.71% and 8.11% respectively. Among other altcoins, Litecoin, Cardano, and Solana traded in the red today, as they were down 1.99%, 1.20%, and 1.39%, respectively.
The meme-based virtual currency Dogecoin rose 0.22% to $0.074061. Dogecoin has a live market capitalization of US$9,825,726,508. Meanwhile, the Shiba Inu price was down 0.22% at US$0.000011. The meme coin has a 24-hour trading volume of US$132,103,671.
The total volume of the crypto market in the last 24 hours is $33.74 billion, indicating an increase of 10.14%. The total volume in DeFi at $3.12B is 9.24% of the total 24-hour volume of the crypto market. The volume of all stablecoins is now at $31.25 billion, which is 92.64% of the total 24-hour volume of the crypto market.
