Crypto market volatile; Terra Classic Lunc leads the laggards, Bitcoin above $19k

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Cryptocurrencies are trading volatile tracking feeble global equities after recession fears in major economies like the US and Europe sparked. The US Fed's aggressive approach to tame inflation at the cost of economic growth further dampened the mood. Fed has hiked the rate by another 75 basis points. Wall Street and European stocks slipped sharply last week, while energy prices settled lower and bond yields climbed to multiyear highs. The American currency scaled past the 111 level against a basket of currencies -- making cryptocurrencies against the greenback vulnerable as well. Currently, there is a steep plunge in trading volumes of cryptocurrencies.

On CoinMarketCap, at the time of writing, the global crypto market is at $939.57 billion up by 0.28% over the last day. However, total crypto market volume dropped nearly 37% over the last 24 hours and is at $49.82 billion.

Meanwhile, the total volume in DeFi is currently at $3.11 billion -- 6.25% of the total crypto market 24-hour volume. The volume of all stablecoins is now $45.65 billion which is 91.63% of the total crypto market 24-hour volume.

Ethereum is the top trending cryptocurrency today followed by PancakeSwap and XRP.

The crypto leader Bitcoin is trading at a little over 19,000 mark at $19,090 up by 0.5%. Its market cap is nearly $366 billion. The digital coin's dominance is currently up by 0.12% over the day at 38.95%.

Meanwhile, the second largest cryptocurrency Ethereum is performing near $1,331 and is up by 0.75%. Its market cap is around $163.3 billion.

Recently, Ethereum launched the most-awaited Merge which led to a transition of proof-of-stake consensus, officially deprecating proof-of-work and reducing energy consumption by ~99.95%.

Data from