Crypto markets are in a red sea today as they drop over $ 73 billion, with some key tokens like Ethereum and Solana falling even lower than Bitcoin. So read more on the crypto news about our latest death today.
The cryptocurrency markets are in the red and have lost about 4% of their value in the past 24 hours. Etheruem, Solana, and Avalanche took some of the biggest losses today, with the market tumbling more than 4% over the past day, losing more than $ 73 billion in market cap according to CoinGecko data. Layer 1 blockchain platforms outside of BTC have received some of the biggest hits during this time, and ETH is down over 6% in value from yesterday. ETH is currently at $ 2861 as it has rallied twice in the past week from its recent lows of $ 2750.
Competing platforms like Solana and AVAX also saw some major slumps last day, and both have been labeled the “Ethereum killers,” the prime contenders for Ethereum dominance in the world of DeFi and peer-to-peer lending and transactions are valid. Cryptocurrency collector tokens like NFTS have moved billions of values since the beginning of the year, while Solana was down 10% on the past day. SOL rose significantly in August and September, jumping from $ 35 to an all-time high of $ 213 earlier in the month.
However, the network outage, which began September 14th, lasted over 17 hours and only slowed Solana down due to the broader bearish market sentiment. Avalanche has also been a big win over the past few weeks, down 8% to $ 64. Like Solana, Avalanche has been around since the beginning of the month and has gone from about $ 13 to $ 79 ATH. Another challenger to Etheruem’s DAPP dominance, Algorand is also down around 8% in the past 24 hours, compared to previously seeing a huge increase in value in recent weeks as it doubled in value over the course of two years.
Not every noteworthy cryptocurrency is affected today, as BTC fell less than 4% on the previous day while DOGE fell just 2%. Today’s decline in the crypto market could be related to mounting sentiment among investors, but the Conference Board announced that the consumer confidence index has continued to fall, which only suggests growing caution on spending amid concerns about COVID-19.
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