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Crypto markets have significantly lost value over the past 24 hours, as crypto assets as a whole have lost between 7% and 15% of their value during this time period. The overall market valuation of all 10,000+ existing cryptoassets has slipped just below the $ 2,000 billion handle, losing more than 9% in value in the past 24 hours.
Crypto Economy Declines 9% In Last 24 Hours
Bitcoin (BTC) prices were above the $ 48,000 area on Sunday, September 19, but the next day BTC prices are much lower as the crypto asset has fallen to a low of $ 42,660 per unit. Monday. BTC has lost 8.9% in value and the market valuation of the digital asset is around $ 815 billion today. At the time of writing, a single BTC is trading for just over $ 43,000 per coin.
The second largest crypto asset, Ethereum (ETH) has lost 10.3% of its value in the past day and each ether is trading hands for just over $ 3,000 per unit. ETH has an overall market valuation of around $ 355.4 billion on Monday.
The biggest loser of the top ten positions in the crypto-asset market is XRP, losing 13.8% in the last day. Bitcoin’s 8% loss (BTC) is the least of all of Monday’s percentage losses. Just before BTC fell below $ 45,000, Etoro’s crypto analyst discussed current market events.
“Bitcoin and Ether both saw weekend declines after a week of climbing to previous highs,” Etoro crypto analyst Simon Peters wrote in a note to Bitcoin.com News Monday morning. “BTC started the week below $ 45,000 after the flash crash the previous week. After rising during the week to nearly $ 49,000, the price slumped again on Sunday, slumping to now trade around $ 45,500. ”Peters added:
Likewise, ETH started the week at around $ 3,200 before hitting a high of $ 3,652 on Thursday. The token however began to fall earlier than bitcoin, moving away from Thursday and throughout the weekend to now trade below $ 3,200, a 13% drop.
Cosmos remains unscathed, fears of economic turbulence linked to the collapse of Evergrande and risks of default increase
Overall, the entire crypto market cap lost over 9% in fiat value between Sunday and Monday. The best traded coins include nine different stable coins. Besides stablecoin stock today, the coin that has suffered the least fiat loss is the Cosmos (ATOM). Cosmos lost just 0.9% on Monday and is up more than 9% in the past seven days. The biggest loser today is Algorand (ALGO) losing 16.6% in the last 24 hours.
Cryptocurrency markets followed the decline in all global markets on Monday as a few warnings of economic turmoil arose. For example, news organizations say the United States could default on its financial obligations, which could turn into another financial crisis.
US Treasury Secretary Janet Yellen has warned of dropping the debt ceiling. In addition, global equity markets are in the red compared to Chinese stocks in Evergrande which are falling like a rock. Evergrande shares have hit an 11-year low, and speculators have argued that the collapse of Evergrande could look like the next Lehman Brothers crisis.
What do you think of the market rout amid the collapse of the global market due to default risks and China Evergrande stocks? Let us know what you think of this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
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