- Bitcoin sheds 8% due to ongoing Ukraine-Russia war
- Ethereum falls below $2500 market value
- Solana is bearish by 9%
- The global crypto market prices plunge leading to declining market cap
As the Russian-Ukrainian crisis heats up, key cryptocurrencies are seeing their value plummet. Other major digital currencies, such as Bitcoin, Ethereum, and pipple have also fallen in the last week, with Solana and Cardano falling the most lately.
According to analysts, cryptocurrencies are a terrible option for investors seeking safety in times of market volatility, as opposed to conventional hedges like gold and US Treasury securities, which are more stable and predictable in times of uncertainty.
Bitcoin sheds 8% due to ongoing Ukraine-Russia war
After Russian forces launched missiles at numerous Ukrainian towns and deployed soldiers on the country’s shore, causing a sell-off of risky assets, Bitcoin fell to a one-month low on Thursday.
At $34,324, the lowest level since January 24, Bitcoin was down 8 percent at the time of this writing. About the past 24 hours, Coinmarketcap data shows that the cryptocurrency market has lost over $150 billion.
Bitcoin, with a market value of $40,225,626,464 USD, is presently selling for $34,324.. Bitcoin’s price has fallen 8 percent in the last 24 hours. CoinMarketCap presently shows a market cap of $675,247,650,501 USD.
Ethereum falls below $2500 market value
Russia has begun an all-out land, air, and sea invasion of Ukraine, marking the worst assault on another European state since World War II and confirming Western concerns.
The markets reacted quickly to Russia’s invasion of Ukraine. The price of Ethereum plummeted by 10% overnight when it dipped below $2,500. In addition to Bitcoin, smaller currencies like Ethereum lost up to 10.8 percent of their value in the wake of the market turmoil.
The current Ethereum price is $2,431.10, with a trading volume of $23,895,397,686 in the last 24 hours. In the last 24 hours, Ethereum has lost 10.10 percent of its value. CoinMarketCap shows a market value of $291,034,987,983 and is presently ranked second.
Solana is bearish by 9%
Solana had a great year in 2021, as investors who bought the currency at $0.43 on January 1st would have reaped a 45,000% return at today’s $195 price. In part, Solana’s unique blockchain technology may be blamed for its meteoric rise from obscurity to one of the ten most valuable cryptocurrencies today.
There has been $4,248,182,570 worth of it traded in the last 24 hours. During the last 24 hours, the price of Solana has gone down by 9%. Coinmarketcap shows a market cap value of $26,992,123,045.
Cardano falls below $0.8
Cardano’s value has been very volatile this year, rising to a record high of $3.091 in September before plummeting by more than 70% in only four months.
In the last 24 hours, the Cardano cryptocurrency has had a total trading volume of $3,152,200,460 USD. The current live Cardano price is $0.800977 During the last 24 hours, Cardano’s value has decreased by 13.56 percent.
Within five months, the market value of all cryptocurrencies had halved, falling from a peak of $2.5 trillion to only $1.5 trillion. After Russia announced military action in Ukraine, the crypto market’s worth dropped to $1.58 trillion on Thursday, compared to the $3 trillion records hit in November 2021.
When it comes to value, the collapse in the global crypto market-cap has a greater impact than the GDP of nations such as Australia and Spain.
Bitcoin and Ethereum, two of the most popular digital currencies, have lost over half of their value since their apex. According to CoinDesk, prominent digital currencies have lost roughly 85% of their value since their highs. Other examples include Shiba Inu, Dogecoin, XRP, Cardano, Polkadot, and Solana.