The cryptocurrency market witnessed a sharp decline today, with all major cryptocurrencies losing their gains, leading to huge losses for investors.
The rest of the digital currencies did not survive this decline, as Ethereum, the second largest cryptocurrency, fell by 5%, reaching $3,190, Binance Coin fell by 6.15% to $532, while Solana fell by 8.54% to $134.
The wave of decline also included other popular coins such as Cardano, which fell by 5.56% to $0.39, and Dogecoin, which lost 7.25% to settle at $0.11.
Although the total market value of digital currencies decreased by 4.19% to reach US$2.16 trillion over the past 24 hours, the total trading volume surprisingly increased by 53.11% to reach US$86.34 billion.
Bitcoin topped the scene, losing nearly 4% of its value during the past 24 hours, settling at $58.5 thousand, its lowest level in approximately a month and a half.
Stablecoins, which are digital currencies that are linked to the value of fixed assets such as the US dollar, constitute the vast majority of trading volume, with approximately US$80.93 billion of them traded during the past 24 hours, representing 93.73% of the total trading volume.
As for Bitcoin, the most prominent digital currency, it maintained its dominant percentage in terms of market capitalization, reaching 53.55%, with a slight increase of 0.38% during the day.