Bitcoin Drops Down $65K, Crypto Market Cap Surges To $2.36Tn

Bitcoin

The market for cryptocurrencies surged over $2.36 trillion on Wednesday, leaving Bitcoin behind. The sell side has applied significant pressure to the largest crypto asset by market valuation, which has resulted in a daily fall in the digital currency.

As of the time of writing, CoinMarketCap.com statistics shows that the value of the worldwide cryptocurrency market has hit $2.36 trillion, up 1.41% from the previous day. The cryptocurrency exchange reports that over the past 24 hours, volume has decreased by 26.76% to $73.95 billion.

Yesterday, the bitcoin market worth dropped to $2.31 trillion. Gains in a few altcoins and good price movement in a few other relatively tiny cryptocurrencies helped to fuel the rally.

XRP price has been in a downtrend since the beginning of the year, down over 19% year-to-date (YTD), trading at the $0.49 mark, according to Binance data.

TON was down 2.53% in the last 24 hours to $6.90, extending a two-day decline. Meanwhile, the large transaction volume for Toncoin has come in at 1.74 million TON in the last 24 hours, or $12.42 million worth, representing a 376% increase.

Bitcoin (BTC-USD) dropping below the $65,000 level, and it has continue to struggle to reclaim its value at the level. The CoinDesk Market Index, which tracks 192 digital assets, was down 5% in the past 24 hours.

Bitcoin (BTC-USD), the largest cryptocurrency by market value, fell 3.7% in the last 24 hours to $64,118, according to CoinMarketCap data. Ethereum (ETH-USD), the second-largest digital asset, was trading 4% lower at $3,405.

BNB (BNB-USD), the third-largest digital asset by market value excluding stablecoins, shed 4.8%, while Solana (SOL-USD), the fourth-largest, lost 9%. XRP (XRP-USD) slumped 7.3%, Dogecoin (DOGE-USD) fell 9.7%, Cardano (ADA-USD) slid 10%.

The total volume in DeFi reached $5.76 billion, representing 7.79% of the total crypto market volume traded in the last 24 hours. Also, the volume of all stable coins reached $68.65 billion, accounting for 92.83% of the total crypto market 24-hour volume.

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