Crypto Tracker: Markets face sharp decline in trading volumes, Bitcoin holds over $20,500

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The cryptocurrency market continues to face wintry sentiment from investors. On Saturday, there has been a massive decline in trading volumes which pushed the cryptocurrencies market cap below $925 billion. The selloff comes after the crypto exchange Celsius voluntarily filed for bankruptcy due to illiquidity. Currently, crypto exchanges struggle with a liquidity crunch and that has led to suspending withdrawals and other mechanisms for investors. The leader of the market, Bitcoin trades over $20,500 followed by its counterpart Ethereum performing slightly over the $1,200 mark.

Both Bitcoin and Ethereum are trading marginally higher currently. As per CoinMarket data, Bitcoin is performing at $20,655.68 with a market cap of $394.33 billion, while Ether is around $1,201.73 with a valuation of 145.88 billion.

Bitcoin's dominance is around 42.56% flat compared to the previous day.

Bitcoin has made a weekly drop of nearly 5% and Ether's weekly downside is around 1.5%.

The overall crypto market cap is at $926.32 billion down by 1.10% over the last day. In terms of volumes, the market currently records transactions to the tune of $55.47 billion lower by 38.76% over the last 24 hours. The total volume in DeFi is currently at $5.33 billion, 9.61% of the total crypto market 24-hour volume. The volume of all stablecoins is now $50.87 billion, which is 91.71% of the total crypto market's 24-hour volume.

In 24 hours, the top performing cryptocurrencies are - Serum surging 7.5%, Algorand gaining 4.4%, Monero XMR soaring 4.3%, Sythetix SN up over 3.9%, and Zcash advancing 2.9%. On the contrary, the top underperforming cryptocurrencies are - Quant plunging 9.75%, Convex Finance slipping over 8.5%, THORChain diving 7.3%, TerraClassicUSD