The cryptocurrency market in the last 24 hours reversed to its previous state where all the major crypto tokens were in the red. After a brief spell of the surge, not only Bitcoin and Ethereum but also Solana and Dogecoin crashed marginally, causing the market to remain flat. The global cryptocurrency market suffered a decline of a little more than two percent in the last 24 hours to end up securing a cap of $933 billion, according to CoinGecko, at the time of writing. Also Read - Crypto prices today: Bitcoin slides below $20,000 as market remains flat
Bitcoin and Ethereum continued to dominate the cryptocurrency market. In the last 24 hours, Bitcoin remained strong with a 40.7 percent dominance, while Ethereum’s dominance was at 14.3 percent, CoinGecko revealed. The marginal dip in the values caused the total cryptocurrency trading volume to fall to $86.1 billion in the last 24 hours. Also Read - Crypto price today: Bitcoin shows minor jump but market remains flat
Bitcoin nosedived in the last 24 hours to a trading value of $19,873 in the last 24 hours. A day earlier, the world’s most popular crypto token was trading above the $20,000 mark after many days, but it is back to the rut. The token saw a decline of more than one percent in the last 24 hours, while its market cap reduced slightly to $379.4 billion. Also Read - Crypto price today: Bitcoin remains flat, Ethereum plunges as market shows mixed cues
Much like Bitcoin, Ethereum also fell flat in the last 24 hours. After witnessing a surge of about nine percent a day earlier, the second most popular crypto token slid by more than two percent in the last 24 hours. It was trading at $1,115 at the time of writing, while the market cap was around $133 billion.
Solana’s value also took a hit and it ended up being traded at $34.90 in the last 24 hours. The crypto token’s value tanked by two percent, while its market cap shrunk to around $12 billion in the last 24 hours, at the time of writing. Similarly, Dogecoin suffered a crash of around 3.8 percent in the last 24 hours, ending up at a value of $0.06, according to CoinGecko.
The new one percent TDS levied by the government has aggravated the dip in average daily transactions of crypto tokens, such as Bitcoin and Ethereum, on Indian exchanges. Major crypto exchanges, such as WazirX, CoinDCX, and Zebpay reported a staggering decline in daily transaction volume from around $10 million to $5.6 million in a few days since the implementation of the new tax regime. BitBNS and CoinDCX said the drop in transactions on their platforms was 37.4 percent and 90.9 percent, respectively. WazirX reported a nosedive of 82 percent in daily average transactions, according to crypto research and consulting firm Crebaco.