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Cryptocurrencies are experiencing significant price drops. Glassnode is not wrong, referring to the current times as “a bear of historic proportions,” especially considering its “extensive duration” and how many people have been affected. Having experienced a 5.15% decrease over the last 24 hours, the global crypto market cap is now $896.18B.
The price of bitcoin is falling, again. At the time of writing, the coin has fallen below the $20k mark and is now trading at $19,950.22. While it’s not a huge price decrease overall, it shows we’re still nowhere near being out of the bear market.
Although this is an uncommon occurrence, we are now seeing spot prices trading under the realized price, which means traders are losing money when using their bitcoins bought at a higher price. “Spot prices are currently trading at an 11.3% discount to the realized price, signifying that the average market participant is now underwater on their position,” Glassnode writes.
Ethereum’s ether has fared even worse over the last day. With the price 8.96% lower than yesterday, the coin is now trading at $1,112.11. Binance’s BNB has seen a very similar price decrease of 8.37%, while Cardano’s ADA has performed slightly better, losing just 4.81% of its yesterday price. XRP is down by 6.35%, while Solana SOL by 11.68%.
Major metaverse coins have seen significant price decreases as well. With the trading volume plummeting by 13.03% and the market cap falling by 3.38%, NFT-related cryptocurrencies have definitely seen better days.
Flow, while still remaining the top metaverse cryptocurrency, has lost 11.24% of its value over the last 24 hours. The price of Decentraland’s MANA is down by 9.57%, ApeCoin by 12.90%, Tezos by 9.66%, and The Sandbox’s SAND by 11.43%. However, there have been some price jumps, including the price of Yield Guild Games YGG rising by 9.14% and Immutable X IMX up by 3.64%.
The price of the Metaverse Index MVI has similarly suffered a drop. Down by 8.79%, the token is now trading at $39.
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Any data, text, or other content on this page is provided as general market information and not as investment advice. Past performance is not necessarily an indicator of future results.