Crypto market slide continues; here’s how top 5 assets performed

As Russia-Ukraine tensions escalated, the global crypto market nosedived by nearly 9% on Thursday morning. Bitcoin, the world’s largest cryptocurrency by market share, shed over 7%.

The Ukraine events triggered a massive slide in the global stock markets, and cryptocurrencies were no exception. The crypto market plunged 8.91% in the last 24 hours to 10:07 am ET, though the volume rose 61.93% to US$128.36 billion, including US$108.49 billion stablecoins.

Bitcoin lost nearly half of its value since its peak in November last year. And if the Ukraine impact is any indication, it may go down below the US$30,000 mark in the coming weeks.

The crisis has further accelerated the bearish sentiment. The market was already reeling under various regulatory pressures in different geographies. As a result, all digital asset classes were on a downward slide. The market fell around 24% YTD to about US$1.68 trillion.

Let’s see how the top five cryptocurrencies by market cap performed in the last 24 hours to Thursday morning (10:07 am). 

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Bitcoin (BTC) 

Bitcoin holds around 42% or US$675.73 billion of the total global crypto market capitalization. The coin fell 7.96% to around US$35,626 on Thursday morning.

Bitcoin rose 1.75% in one month at the closing price of US$37,296.57 on February 23.

Ethereum (ETH):  

This decentralized blockchain system uses the ETH coin. ETH fell 10.14% to US$2,436.17 in the past 24 hours. It is the second-largest crypto by market cap at US$291 billion.

Ethereum rose 6.15% in one month.

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Tether (USDT)  

Tether (USDT) is a stablecoin built on Bitcoin’s blockchain. The token was down 0.03% to US$1.00 in the last 24 hours. Tether has a market cap of US$79.52 billion.

Tether was trading flat in the past one month.

Binance (BNB)  

Binance is a cryptocurrency exchange and uses the BNB coin. It is the fourth-largest cryptocurrency by market cap. BNB fell 9.96% to US$339.75in the past 24 hours.

Its current market capitalization is around US$56.32 billion. The coin fell 1.3% in one month at the closing price of US$366.54 on February 23.

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USD Coin (USDC)  

The USD Coin is a stablecoin pegged to the US dollar on a 1:1 basis. It was the only token among the top five trading in the green. It gained 0.05% to US$1.00 on Thursday morning.

USDC has a market capitalization of US$53.06 billion. It was down 0.05% in one month at the closing price of US$0.9995 on February 23. 

Bottomline  

The tension over the Russia-Ukraine war has increased the volatility in crypto market. It could be bracing for a turbulent period ahead. Therefore, investors should carefully analyze the market and exercise caution before investing in digital assets.