Crypto markets are reportedly being dragged down by a significant sell-off. The worldwide cryptocurrency market capitalization has dropped below $1 trillion to $977 billion, nearly 12% in just one day.

In the previous 24 hours, the price of Bitcoin (BTC) has decreased by nearly 10% to $24,760. The top coin’s dominance has dropped to 47.25% of the whole crypto market, down almost 0.36%. Bitcoin’s price has fallen by 20.86% in the last seven days.

Meanwhile, the overall cryptocurrency market volume grew by 27% to $110 billion in the last 24 hours, signalling major crypto sell-offs by investors. DeFi had a total volume of $8.66 billion, accounting for 7.83% of the overall 24-hour volume in the crypto market. The volume of stable coins was $97.88 billion, accounting for 89% of the overall 24-hour volume in the cryptocurrency market.

“Over the weekend, there was an ongoing sell-off, with BTC dropping to $24,000. “The crypto Fear and Greed Index continued to show a feeling of ‘severe fear,’ indicating that most investors remained extremely negative,” said Darshan Bathija, CEO and Co-Founder of crypto exchange vauld.

“The latest inflation (consumer price index) figures witnessed in the United States have had a detrimental impact on most markets.” The Federal Open Market Committee meeting in the United States on June 14 and 15th will be closely watched by most investors. The Fed’s interest rate hike is already priced in; nonetheless, most investors are concerned that unless inflation numbers start falling soon, the Fed would likely have to tighten the screws faster than expected,” he added.

Ethereum (ETH): The price of Ethereum has dropped by 13% in the previous 24 hours to $1,277. ETH’s price has fallen by 33% in the last seven days. It is presently the second most valuable crypto asset in market capitalization.

Binance (BNB): In the last 24 hours, the price of the Binance Chain token has dropped 10% to $232. The cost of BNB has fallen by 25% in the last seven days. In terms of market capitalization, it is now the fifth biggest crypto asset.

XRP: XRP coin’s price decreased by 8% to $0.3214 in the last 24 hours. In the previous 7 days, the XRP price has been reduced by 20%. It is currently ranked as the 7th biggest crypto in market capitalization.

Cardano (ADA): In the last 24 hours, the price of the Cardano cryptocurrency has dropped by 13% to $0.4504. The cost of ADA has fallen by 30% in the last week. In terms of market capitalization, it is now the eighth largest crypto asset.

Solana (SOL): In the last 24 hours, the price of Solana has dropped by roughly 16% to $27. The cost of SOL has fallen by 36% in the previous week. In terms of market capitalization, it is now the 9th largest crypto asset.

The price of Dogecoin (DOGE), a popular meme coin, has dropped by 14% in the last 24 hours. In terms of market capitalization, DOGE is presently placed 10th. DOGE was trading at $0.05694 at the time of this publication.

Polkadot (DOT) dropped 12% in price to $6.75, while Avalanche (AVAX) dropped 17% to $15.6. On CoinMarketCap, DOT and AVAX are rated 13th and 16th, respectively. In the last 24 hours, the price of Polygon (Matic) has dropped 15% to $0.439. On CoinMarketCap, it is now placed 18th.

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News source: financialexpress

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