The repeated crypto crash sessions have been wiping off an immense amount of value from the global cryptocurrency market. This has raised concerns among crypto enthusiasts and participants. The crypto winter has literally done no good to the domain and several companies operating in the sector had to face the wrath of it. This has given rise to questions like ‘why is crypto crashing today’ god knows how many times.
In today’s crypto crash, Bitcoin (BTC) and Ethereum (ETH), the crypto giants, lost a considerable amount of value. Other cryptocurrencies also slumped largely. According to the data by CoinMarketCap, a popular crypto price-tracking website, the global market cap dropped from $1.04 trillion at the beginning of Friday, August 26, 2022, to $975.96 billion (declining by 5.44%) at the time of writing.
However, there was a surge in the 24-hour trade volume for the entire market. This might be due to the reason that an extreme sell-off took place and people have been believing in the ‘buy the dip’ policy. The global trade volume for the day gained by a huge 47.69% and stood at $94.48 billion.
Major Coins’ Performance
The performance of major crypto tokens has been mentioned below. However, for the time being, we can’t answer the question of ‘why is crypto crashing today’. But yes, whenever we find the right answer to it, we will surely try updating about that.
- Bitcoin (BTC): The largest cryptocurrency, BTC, saw a substantial drop of 5.40%. The Bitcoin price was $20,273.77 at the time of reporting on Saturday, August 26, 2022. The market capitalization of the crypto stood at $387.34 billion, down by 5.59%. However, the 24-hour trade volume was up by 45.71% and was at $43.96 billion. During the crypto winter, this digital currency has lost more than 70% of its value from its all-time high of over $69,000.
- Ethereum (ETH): The second-largest virtual currency, ETH, saw a dip of 9.49% and traded at $1,507.44 at press time on Saturday, August 26, 2022. The market capitalization of the crypto stood at $183.84 billion, down by 9.48%. On the contrary, the 24-hour trade volume surged by a huge 73.29% and was at $27.2 billion.
- Solana (SOL): Another popular crypto investment token, Solana, witnessed a decline of 7.76% and traded at $32.02 at the time of drafting this article on Saturday, August 26, 2022. The market capitalization of the crypto stood at $11.18 billion, down by 7.73%. In contrast, the 24-hour trade volume was up massively by 73.21% and was at $1.33 billion.
- Cardano (ADA): The Yoroi Wallet Hero, Cardano, saw a drop of 8.20% and traded at $0.4407 at the time of writing on Saturday, August 26, 2022. The market valuation of the crypto stood at $15.02 billion, down by 8.20%. In line with others on the list, the 24-hour trade volume was up by 68.16% and was at $1.23 billion.
- Meme Coins: In today’s crypto crash session, the trendy meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB), declined by 6.53% and 7.34%, and traded at $0.0638 and $0.0000124, respectively.
The crypto winter might not cease soon. Moreover, the officials in different countries have also predicted a downfall. Therefore, crypto participants need to be cautious and have to be ready for any difficulty that comes forth.