The cryptocurrency market experienced a downturn, with the total market capitalization dropping from $2.51 trillion as of May 2024 to $1.95 trillion as of August 6, 2024. The market volume in the last 24 hours has fallen by 13.13%. Bitcoin, the largest cryptocurrency, is currently trading at $55,013, 17.37% down over the past seven days and increased by 8.04% in the last 24 hours. Ethereum, the second-largest cryptocurrency, is trading at $2,447, down by 26.53% in the last seven days.
The cryptocurrency market plunged yesterday, shedding around $367 billion in value over 24 hours. The major cryptocurrencies like Bitcoin and Ethereum saw substantial drops as investors sold out risky assets.
