The crypto economy has dropped considerably in value during the last five weeks, slipping 23.28% from $2.19 trillion to today’s $1.68 trillion. Furthermore, both bitcoin and ethereum are awfully close to sinking 50% below the all-time highs recorded six months ago.
Bitcoin Sinks Lower Against the US Dollar, 39% Down in 30 Days
Digital currency markets have been in the red during the last few weeks, as a great number of crypto assets have seen significant percentage losses. During the last 24 hours, the crypto economy has shed 3.6% against the U.S. dollar. Bitcoin (BTC) dropped to a low on Saturday evening around 11:00 p.m. (ET), hitting $34,279 per unit.
Presently, BTC is below the $35K mark and since the all-time high ($69K) on November 10, 2021, BTC has lost 49.6%. At the time of writing, BTC’s market valuation is around $662 billion, which equates to 39.4% of the $1.68 trillion crypto economy.
BTC’s most dominant trading pair today is tether (USDT) with 57.03% of all trades, followed by USD with 13.76% of today’s trades. The stablecoin BUSD represents 7.32% of all BTC-denominated trades on Sunday. $26.7 billion of today’s $99.6 billion in global trades are all bitcoin (BTC) swaps. That means 26.8% of Sunday’s aggregate crypto trade volume derives from BTC trades. Year-to-date statistics show BTC is down 39.3% and during the last month BTC has shed 20% in value against the U.S. dollar.
Ethereum’s Value Falls Losing 20% Since Last Month
Ethereum (ETH) has also shed a significant amount of value in recent times. While BTC hit a low of $34,279 per unit on Saturday evening,
