The unstable virtual currency market has continued its downward slide as the entire cryptocurrency market valuation has gone down from $2 trillion to $1.44 trillion today. The value of BTC as at yesterday cruised at a $38,000 but plummeted to $34,000 as traders yielded to the bearish market trend.
Bitcoin has increased in the rate of its market dominance to 45.9 percent after a recent rating of 40 percent. Ethereum is down at over 34 percent from the past week and holding a dominance rating of 17.3 percent in the cryptocurrency market.
The top 10 ranking cryptocurrencies have been massively affected by the as well. Out of the top 10 cryptocurrencies, Binance Coin (BNB) has lost 53 percent of its value according to Coin Market Cap while Polkadot (DOT) has shed 53.82 percent, all within the past week.
However, in the top 10 cryptocurrency list BTC and popular meme crypto Dogecoin saw the least amount of losses so far.
The Stablecoin Haven
Several crypto investors have taken off from the diminishing crypto market to seek refuge in stablecoins making the stablecoin market value peak past a $100 billion mark.
Tether (USDT) holds the largest share followed closely by the USDC, both holding $59 billion and $19.9 billion in the total stablecoin value respectively.
Larry Cermark, the Director of Research at The Block Crypto made a statement about how stablecoins are put to use by market players.
“One of the most bullish things about this cycle compared to the previous one is that people are not taking out as much cash but rather letting it sit in stablecoins but still in the ecosystem,” He tweeted on Sunday.