Wednesday, December 6, 2023

Crypto Crash Leads Almost All Coins To Crash By 20%: Analysis

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The crypto crash leads almost all coins to crash by up to 20% as the coins suffer some of their biggest losses outside of terra which is the biggest loser over the past few days. But let’s take a closer look at our latest altcoin news today.

The crypto crash leads the marekt in the deep red today and these coins suffered some of their biggest losses. The crypto market is down by 11% in the past day and Solana, Apecoin, SHIB, and Avalanche are among the coins that experienced major losses in the past day. The bloodshed happened all across the board led by Terra and it is a 97% drop after the collapse of the paired UST stablecoin. No other ocean suffered as much as LUNA did but major coins and tokens all saw double-digit percentage drops in the past day.

crypto market heatmap
Crypto market heatmap: Source: Quantifycrypto

AVAX is one of the biggest losers on the day and it is down by 34% to below $32 but then it fell further earlier this morning below $28. it is not the only major altcoin that suffered today. Solana is down by 26% in the past day and dropped to about $52 but did continue its drop below $50 earlier today whcih is the first time since last August. Cardano is down by 16% as of the time of writing and reached new lows that were last seen in February 2021. DOT dropped about 24% over the past day to about $9 and dipped to the lowest points that were last seen In January 2021.

Meme coins and tokens are crashing hard as well with SHIB losing 27% on the day and recording a fresh seven-month low. DOGE is down 23% to $0.087 after setting a 13-month low earlier today and Apecoin also shed 37% of the value in the past 24 hours to a price of $5.90 and it is down by 85% from a peak of $39.40 launch in March. The Sandbox metaverse token, as well as MANA, dropped in value as well with SAND declining by 28% and MANA by $0.85.

btc price
BTC 24-hour Price Chart (Source: coingecko)

Overall, the crypto market is down by 11% over the past day with the number oen cryptocurrency dropping 6% to a price below $29,900 and ETH is trading at $2,180.

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