The crypto markets drown in the sea of red today as they shed more than $73 billion with some major tokens like Ethereum and Solana sinking even further than Bitcoin so let’s read more in our latest cryptocurrency news today.
The crypto markets drown in red and shed about 4% of their value over the past 24 hours. Etheruem, Solana, and Avalanche experienced some of the biggest losses today and the market got down by more than 4% over the past day, shedding more than $73 billion in market cap as per the data by CoinGecko. The Layer-1 blockchain platforms outside of BTC took some of the biggest hits during this time and ETH shed more than 6% of its value from the past day. ETH now sits at $2861 as it bounced back from the recent lows of $2750 twice over the past week.
ETH 24-hour Price Chart (Source: Coingecko)
The competing platforms like Solana and AVAX also saw some of the bigger declines in the past day and both are dubbed the “Ethereum killers” seen as the main rivals to Ethereum’s dominance in the DeFi world and peer to peer lending and trading. The crypto collectible tokens such as the NFTS moved billions in value since the start of the year while Solana got down 10% over the past day. SOL climbed dramatically during August and September and it increased from a position of $35 to an all-time high of $213 earlier this month.
However, the network outage that started on September 14 lasted for more than 17 hours and it only slowed Solana down on top of the wider bearish market sentiment. Avalanche was also a big gainer over the past few weeks and it is down by 8% with a price of $64. Like Solana, Avalanche popped since the start of the month and it increased from about $13 to an ATH of $79. Algorand who is another challenger to Etheruem’s DAPP dominance, got down by about 8% as well over the past 24 hours while it did previously saw a huge pop in value over the past few weeks as it doubled in value over the course of two years.
SOL 24-hour Price Chart (Source: Coingecko)
Not every notable crypto is being hit today as BTC got down by less than 4% over the past day while DOGE only shred 2%. Today’s crypto market declines could be tied to the rising bearish sentiment among the investors but the Conference Board announced that the Consumer Confidence index dropped further which only suggests increasing caution in spending amidst the COVID-19 concerns.