Bitcoin nosedives below $28k. Has the crypto leader lost shine for investment?
The Crypto market was bleeding on Sunday with Bitcoin nosediving steeply below $28,000. Counterpart Ethereum as well sharply tumbled adding to the woes. The global crypto market cap was around $1.1 trillion due to a huge correction in the valuation of heavyweight Bitcoin. The bears in the crypto market come after US inflation hits a fresh 40-year high.
Currently, Bitcoin is traded at $27,454.31 down by 4.96%. Following this, the coin's market cap dived to near $523.28 billion. Despite the steep drop, Bitcoin's dominance was not affected instead it rose. This digital coin is the leader of the crypto market with dominance at 47.48% rising by 0.43% over the day.
In a single day, Bitcoin's price has dropped by more than $1,670. The coin has touched an intraday high and low of $28,938.19 and $27,266.28 respectively.
Meanwhile, its counterpart Ethereum plummeted nearly 8% and was trading around $1,460. The second-largest cryptocurrency has a market cap of around $177.45 billion.
As per CoinMarketCap, the global crypto market cap dived 5.9% to around $1.1 trillion over the last day. Its total crypto market volume, however, rose by 20.46% to $85.16 billion over the last 24 hours. Meanwhile, the total volume in DeFi is currently $6.87 billion - 8.07% of the total crypto market 24-hour volume. The volume of all stable coins is now $73.31 billion which is 86.09% of the total crypto market 24-hour volume.
Notably, Bitcoin's weekly drop is more than 7%, while Ether slipped nearly 18% in the last seven days.
As Bitcoin traded in deep red, investors wonder where the cryptocurrency is headed. Crypto experts believe Bitcoin is not bottoming out. The current bloodbath is seen as a buying opportunity in Bitcoin to hedge funds against
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