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Cryptocurrency Market Update: Market Cap Drops 13%
Global Market Cap
The global cryptocurrency market cap has dropped by 13% in the last 24 hours, reaching a total of 257 trillion. This decrease reflects a trend in the market over the past few weeks, as cryptocurrencies have been experiencing a sell-off.
The market cap of Bitcoin, the world's largest cryptocurrency, has decreased by 6% in the past 24 hours, bringing its total market cap to 140 trillion. Ethereum, the second-largest cryptocurrency, has seen a similar drop, with its market cap falling by 7% to reach 50 trillion.
Trading Volume
Cryptocurrency trading volume has also seen a decrease in the last 24 hours, with the total volume falling to 983 billion. This decrease in volume suggests that investors are becoming more cautious about investing in cryptocurrencies, and could indicate a further correction in the market in the coming days.
Bitcoin Dominance
Bitcoin's dominance in the cryptocurrency market has remained steady at 49.7%. This means that Bitcoin still accounts for about half of the total value of all cryptocurrencies in the market.
Ethereum's dominance has also remained relatively stable at 19.6%. This suggests that investors are still interested in Ethereum as a long-term investment, despite the recent market downturn.
Conclusion
The cryptocurrency market is experiencing a correction, with the global market cap dropping 13% in the last 24 hours. This correction could be due to a number of factors, including the recent sell-off in the stock market, the upcoming US midterm elections, and rising inflation.
Investors should be aware of the risks involved in investing in cryptocurrencies, and should only invest what they can afford to lose.
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