Major Cryptocurrencies Drop Without Sudden Market Crash

  • BTC fell below $21,000, after hitting $25,135.59 in the previous week.
  • The major cryptocurrencies are also experiencing a sudden massive collapse.

After a continuous positive rally during the month of July, the global crypto market witnessed a major crash in the previous days, with a decisive decline in the major cryptocurrencies. The unexpected drop in the cryptocurrency market has been linked to many causes, including the interest rate hike that the US Federal Reserve predicted in September.

Over the past week, the market-dominant bitcoin (BTC) price reached $25,135.59 and fell below $21,000. At the time of writing, BTC is trading around $21,235.17, with a 24-hour trading volume of $40,292,878,008. Bitcoin has lost more than 7.02% in the past 24 hours, according to CMC.

Huge fall of altcoins

In addition to Bitcoin, altcoins are also experiencing constant pressure in the cryptocurrency market. Over the previous day, Ethereum (ETH) collapsed by 9.73%. The coin is currently trading around $1,641.24, with a 24-hour trading volume of $26,003,367,546. Also, Binance Coin (BNB) is currently trading around $286.05 with a 24-hour trading volume of $1,676,513,661. The BNB exchange rate is down 1.80% in the last 24 hours.

Other major cryptocurrencies have also seen massive losses over the past day including XRP (4.87%), Cardano (7.28%), Solana (3.71%), Dogecoin (5.52%), Polkadot (5.08%), and Avalanche (1.50%). , at the time of writing.

So far this year, the global cryptocurrency market has already experienced a massive downturn. The market has fallen below $1 trillion due to multiple factors including the Terra-Luna crash, market shareholder equity, inflation, and a transaction freeze from Celsius Network. After that, the cryptocurrency industry gradually emerged from the sudden collapse and is now back in the same state again.

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