Crypto market slide continues; here’s how top 5 assets performed

February 24, 2022 12:27 PM PST | By Versha Jain

Google News:

Crypto market slide continues; here’s how top 5 assets performed — Image source: Shutterstock.com

Recent News

Teva Pharmaceutical Stock Surges Despite Recent Dip NYSE Composite

Loews Performance Surges With Strong Fundamentals S&P 500

PPL Corp Sees Steady Growth in Utility Sector NYSE Composite

AECOM Stock Gains Amid Strong ROE and Earnings Growth NYSE Composite

Highlights

The crypto market nosedived on Thursday morning as the Russia-Ukraine conflict escalated.

All top five currencies fell except one.

Bitcoin touched one month low on Thursday at US$34,472.73.

As Russia-Ukraine tensions escalated, the global crypto market nosedived by nearly 9% on Thursday morning. Bitcoin, the world’s largest cryptocurrency by market share, shed over 7%.

The Ukraine events triggered a massive slide in the global stock markets, and cryptocurrencies were no exception. The crypto market plunged 8.91% in the last 24 hours to 10:07 am ET, though the volume rose 61.93% to US$128.36 billion, including US$108.49 billion stablecoins.

Bitcoin lost nearly half of its value since its peak in November last year. And if the Ukraine impact is any indication, it may go down below the US$30,000 mark in the coming weeks.

The crisis has further accelerated the bearish sentiment. The market was already reeling under various regulatory pressures in different geographies. As a result, all digital asset classes were on a downward slide. The market fell around 24% YTD to about US$1.68 trillion.

Let's see how the top five cryptocurrencies by market cap performed in the last 24 hours to Thursday morning (10:07 am).

Also Read: Top 5 gold stock picks for strategic inflation hedge: From GOLD to FNV

Bitcoin (BTC)

Bitcoin holds around 42% or US$675.73 billion of the total global crypto market capitalization. The coin fell 7.96% to around US$35,626 on Thursday morning.

Bitcoin rose 1.75% in one month at the closing price of US$37,296.57 on February 23.

Ethereum (ETH):

This decentralized blockchain system uses the ETH coin. ETH fell 10.14% to US$2,436.17 in the past 24 hours. It is the second-largest crypto by market cap at US$291 billion.

Ethereum rose 6.15% in one month.

Also Read: Is HyperVerse (HVT) crypto a Ponzi scam?

(Bitcoin down 9%, Cryptos' witnessing first global crisis, how are they faring?)

Also Read: 5 ways you can avoid being duped by crypto scammers

Tether (USDT)

Tether (USDT) is a stablecoin built on Bitcoin’s blockchain. The token was down 0.03% to US$1.00 in the last 24 hours. Tether has a market cap of US$79.52 billion.

Tether was trading flat in the past one month.

Binance (BNB)

Binance is a cryptocurrency exchange and uses the BNB coin. It is the fourth-largest cryptocurrency by market cap. BNB fell 9.96% to US$339.75in the past 24 hours.

Its current market capitalization is around US$56.32 billion. The coin fell 1.3% in one month at the closing price of US$366.54 on February 23.

Also Read: Top metal & mining stocks: ATI, AA and five more to watch in spring

USD Coin (USDC)

The USD Coin is a stablecoin pegged to the US dollar on a 1:1 basis. It was the only token among the top five trading in the green. It gained 0.05% to US$1.00 on Thursday morning.

USDC has a market capitalization of US$53.06 billion. It was down 0.05% in one month at the closing price of US$0.9995 on February 23.

Bottomline

The tension over the Russia-Ukraine war has increased the volatility in crypto market. It could be bracing for a turbulent period ahead. Therefore, investors should carefully analyze the market and exercise caution before investing in digital assets.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.