The value of the crypto economy has plummeted since April, falling over 23% from £1.77 trillion to £1.36 trillion today. The top two cryptocurrencies are on the verge of falling 50% from their all-time highs just six months ago.
In the last several weeks, a large number of crypto assets saw considerable percentage losses. The crypto economy has lost 3.6% against the US dollar in the last 24 hours, with bitcoin (BTC) dropping to a low of £27,800 per unit.
BTC is currently trading below the £28K mark, having dropped 49.6% since its all-time high (£56K) on November 10, 2021. BTC’s market capitalisation is currently around £536 billion, accounting for 39.4% of the £1.36 trillion crypto industry.
Tether (USDT) is BTC’s most popular trading pair today, accounting for 57.03% of all trades, followed by USD at 13.76%. On Sunday, the stablecoin BUSD accounted for 7.32% of all BTC-denominated trades. Bitcoin (BTC) swaps account for £21.6 billion of today’s £80.7 billion in global trades. BTC trades account for 26.8% of the total crypto trade volume on Sunday.
BTC has lost 20% of its value against the US dollar in the last month, and has lost 39.3% year-to-date.
Ethereum (ETH) has also recently lost a substantial chunk of value. At the time of writing, ethereum (ETH) is trading for little under £2,110, with £14.3 billion in global trades.
Tether (USDT) is the most popular ethereum trading pair today, accounting for 59.32% of all trades, followed by USD at 9.70% and bitcoin at 8.36%.
The price of ethereum has dropped 47.3% since its all-time high of £3,950 per unit six months ago. At the time of writing, the top altcoin has a market valuation of roughly £251 billion.
ETH has lost 26.5% year-to-date, and 20.5% in the last 30 days.