Cryptocurrency prices continued to trade in the red on Tuesday, as the global cryptocurrency market capitalization today is $ 2.24 trillion, a 5.0% decline over the past 24 hours, according to Coingecko.
Meanwhile, Bitcoin fell below a closely watched price level as the largest cryptocurrency's slide since its all-time high extended into a fifth week.
Similarly, other cryptocurrencies such as Ethereum, Dogecoin, Shiba Inu also plunged on Tuesday, according to CoinGecko.
Dogecoin prices fell 4.3% in the last 24 hours to $ 0.157700, while Shiba Inu prices fell 5.7% during the same period to $ 0.00003337. Ethereum prices plunged 5.2% in the last 24 hours to $ 3,779.56.
The global cryptocurrency market capitalization stood at $ 2.24 trillion on Tuesday, a 5.0% decline over the past 24 hours.
The total cryptocurrency trading volume in the last day is $ 115 billion. Bitcoin's dominance is 39.4% and Ethereum's 20%, according to CoinGecko.
This is because Bitcoin fell for four consecutive weeks, as measured by the seven days ending on Friday. Unlike most traditional asset and security classes, digital tokens are traded 24 hours a day, often on lightly regulated online exchanges around the world.
Bitcoin received a brief boost on Friday after a report showed US consumer prices accelerating, supporting the argument that the coin is a hedge against the erosive impact of inflation. On December 4, the token fell as much as 21% before recovering around half of the loss hours later. It is still 30% below its record of nearly $ 69,000 reached on November 10.
Proponents have long argued that Bitcoin and other digital assets, because they are an idiosyncratic asset class, could act as hedges against fluctuations in other areas of the financial market. Only 21 million Bitcoin will be put into circulation under the computer protocol that governs issuance, although that figure is not expected to be reached for another 100 years.
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