Other leading crypto assets including Ethereum, Cardano, Litcoin, Chainlink, Polkadot, and Stellar lost more than 8% in value.
The crypto market just lost about $70 billion, as significant selling pressure from crypto sellers pushed the value of cryptocurrencies lower across the market spectrum amid the rising U.S dollar and some profit-taking.
The global crypto market value is $930.47 billion, a 5.61% decrease over the last day.
The U.S dollar was fired up as it recorded impressive gains at the Tuesday trading session in London taking into account some investors are fast becoming jittery on rising COVID-19 caseloads globally.
At press time, the U.S. Dollar Index that tracks the greenback against a basket of major currencies ticked up by 0.20% to 90.555.
At the time of drafting this report, about $70 billion in value was virtually wiped out, taking into account the flagship crypto, Bitcoin, the dominant player in the crypto market, lost as much as $2,000, according to data retrieved from Coin360.
The total crypto market volume over the last 24 hours is $131.42 billion, which amounts to a 2.07% increase.
The total volume in DeFi is currently $15.68 billion, 11.93% of the total crypto market 24-hour volume.
The volume of all stable coins is now $105.17 Billion, which is 80.03% of the total crypto market 24-hour volume.
Bitcoin’s price is currently $31,398.04.
Bitcoin’s dominance is currently 62.74%, a decrease of 0.01% over the day.
Other leading crypto assets including Ethereum, Cardano, Litcoin, Chainlink, Polkadot, and Stellar lost more than 8% in value.
Crypto experts interviewed by Nairametrics are saying that a market correction was long overdue after the overextended bullish move.
The bearish trend prevailing at the bitcoin market is largely attributed to a significant amount of profit-taking in play, coupled with the strong rebound in the U.S dollar