Why is the market for cryptocurrencies crashing? Check today’s top 4 cryptocurrency prices

Are you want to know the Why is the market for cryptocurrencies crashing? this article covered all details about Why is the market for cryptocurrencies crashing all over the world. Also, Check today’s top 4 cryptocurrency prices.

Crypto Crash: Why is the global cryptocurrency market falling apart? Check today’s prices for the top 5 cryptocurrencies –  Bitcoin, Ethereum, Binance Coin, Ripple and Solana values. 

Why is the market for cryptocurrencies crashing? 

Today’s Cryptocurrency Prices in India (11 May 2022): According to data released on Monday, the market capitalization of all cryptocurrencies has decreased to $1.54 trillion, a decrease of 2.28% over the past 24 hours. The prices of nearly all of the top 10 cryptocurrencies have declined during the past 24 hours, while the volume of the global cryptocurrency market has climbed by 3.18% to $96.96 billion. The 24-hour volume of DeFi was $11.39 billion, or 11.39% of the 24-hour volume of the whole cryptocurrency market. The 24-hour volume of stable coins was $87.56 billion, representing 90.3% of the overall 24-hour volume of the crypto market.

The Bitcoin price has also fallen to $33,628. Bitcoin’s supremacy as the top crypto asset stays steady over the previous day at roughly 41.48%. The overall Bitcoin price has declined by 24.70% in the previous 7 days. In the previous 24 hours, the Bitcoin price declined by 7.48%.

Studies suggest that concern about inflation and worries of a looming recession are the causes driving the recent crypto market crash.

The interest rate hikes of the Federal reserve bank by half a percent provided a short term relief to the BTC price where the crypto touched again the $40k mark but soon the market participants panicked over inflation and a potential recession, resulting in equities and crypto market crash. 

A steep collapse in market sentiment resulted in Bitcoin hitting values around $26692, while ETH sank to $2226.

Investors are treating the Crypto market as a risk-on asset. This is because of the growing possibility of impending inflation which is why most of the investors are turning towards safe-haven assets. 

Top Today Crypto Prices

Prices of numerous other top 4 crypto assets have declined substantially in the recent several days. Take a look at how the prices fluctuated in the previous 24 hours:

Ethereum (ETH): Ethereum price declined by 7.59% to $2241 in the previous 24 hours. In the previous 7 days, ETH price has declined by 23.45%. It is currently ranked the second largest crypto asset in terms of market capitalization.

Binance (BNB): Binance coin’s price declined by 13.67% to $292 in the previous 24 hours. In the previous 7 days, BNB price has dropped by 28.64%. It is now listed as the fourth biggest crypto asset in terms of market capitalization.

XRP: XRP coin’s price declined by 17.67% to $0.4743 in the previous 24 hours. In the previous 7 days, XRP price has declined by 31.45%. It is now listed as the 6th biggest crypto asset in terms of market capitalization.

Solana (SOL): Solana price decreased by 27.11% to $56.312 in the previous 24 hours. In the previous 7 days, SOL price has decreased by 38.47%. It is currently ranked as the 7th biggest crypto asset in terms of market capitalization.

Disclaimer: In India, cryptocurrencies and other digital assets are unregulated. Investing in them may result in losses. Before making any investment decisions, you should consult your financial advisor.