Cryptocurrency Market Continues to Slide Downwards Losing Another 6%

The overall cryptocurrency market is bleeding deep red as the broader crypto space extends losses further. As of press time, the overall crypto market has tanked by another 7% as the crypto market erodes an additional $200 billion of investors’ wealth.

The overall cryptocurrency market cap has tanked to $2.17amid the brutal sell-off triggered since the last weekend. On the weekly chart, more than $500 billion worth of investors’ wealth has vanished from the entire crypto market.

The world’s largest cryptocurrency - Bitcoin (BTC) - has tanked 18% and is currently trading around $47,500 levels. Bitcoin has lost more than $300 billion from its market cap over the last week slipping under the $1 trillion benchmark. Last Saturday, the BTC price tanked under $45,000 levels before recovering back to $50,000. However, it has failed to breach those levels and continues to trade under pressure.

Ethereum (ETH), the world’s second-largest cryptocurrency also faced major correction, but less severe than Bitcoin. While Bitcoin has lost 16% on the weekly charts, Ethereum has controlled the losses at 8%. This clearly goes to show that Ethereum has been showing strength over Bitcoin in this brutal market correction.

As of press time, ETH is trading 5.73% down slipping under its crucial support levels of $4,000. If we consider the rest of the altcoin space, all of the top-ten cryptocurrencies have corrected anywhere between 5-20%. Ethereum (ETH) competitor Solana is down by another 8% slipping under $200 levels.

On the other hand, Cardano (ADA) has witnessed a brutal sell-off as well. The ADA price has shown a one-directional movement downwards and is currently trading at $1.28 with a market cap of $42 billion.

Ripple’s XRP has lost 28% on the weekly charts and has slide to the eighth rank recently. Interestingly, there was a new entrant to the top ten crypto list i.e. Terraform Lab’s native cryptocurrency LUNA. Earlier on Sunday, December 5, touched an all-time high of $75 by rallying more than 60% until then. However, it remains the most hammered crypto in the top ten list today losing 20% and dropping to $60. But LUNA is the only cryptocurrency in the top-ten list with positive gains.

Another recent top-performer Avalanche (AVAX) has been hammered 30% and has slipped under $80 after recently hitting its all-time high above $100. Meme cryptocurrencies like Dogecoin (DOGE) and Shiba Inu (SHIB) haven’t been spared as well. As per the recent market stats, SHIB whales have dumped $400 million of SHIB coins recently.