The world is really shaken after experiencing a difficult time due to the pandemic. To add fuel to the fire, the cryptocurrency market also started to get down. The entire market is facing a recession as the prices of some very top cryptocurrencies have reached the lowest point. The investors who once had so much enthusiasm while investing their bit in digital currencies are regretting their decisions. The entire past week witnessed a huge downfall in the prices of the top cryptocurrencies such as bitcoin, dogecoin, Ethereum, and many more.
Bitcoin & Ethereum’s Prices Fall The Lowest:
Talking about the top cryptocurrency Bitcoin, it faced the maximum downfall amongst all. Only this past week, the Bitcoin investors witnessed a loss of $830 billion. Some investors experienced disappointment and distress while some even have gone bankrupt. The loss that they bear is extremely huge if the prices of the last month alone are compared. In April, the figures were not that impressive but at least was at a decent place than the prices we saw in May. On Monday. the digital currencies market is standing at $1.49 trillion only which used to be a lot in previous months.
Over the past week, precisely from 16-17 May onwards, the market faced around 60% loss. The two coins that became part of this huge downfall are Bitcoin and Ethereum. Their rates or values used to be so higher but now it has fallen down to its half. Speaking of Bitcoin aka the world’s largest cryptocurrency, its values were at $37,000 some days ago while it reached $30,000 in no time. The traders are calling this downfall the lowest viewing from January this year.
Top 10 Cryptocurrency Prices As of 24.05.2021
The entire digital market or the industry that was standing at $2.2 trillion has fallen to $1 trillion in a very short span of time. Taking notes of the falls in the cryptocurrencies, China announced that digital currencies would be banned in the country. A major step was taken considering their financial security. On another side, Tesla has also refused to accept any bitcoins from now on. The company would not accept bitcoins as the payment source.
Elon Musk, the CEO of Tesla Motors himself stated that the company would prevent the usage of the bitcoins for a while. This speaks volume about the extreme price dips currently faced by investors all around. Both sides are getting affected. Whether it’s the sellers or the buyers. However, there are some investors who are suggesting people not create havoc as cryptocurrencies have given the highest revenue last year. It shouldn’t matter if the price is going low as it will surely bounce back in some time.
Discussing the prices of the top 10 cryptocurrencies as of 24th May 2021 then Bitcoin is at $35,171.36, Ethereum stands at $2,139.29, Tether is at $1.00 while Cardano sits at $1.35, Binance Coin is at $277.41. Dogecoin & XRP stands at $0.3065 and $0.7999 respectively. Whereas Internet Computer is at $143.44 and Polkadot and USD coin stand at $18.33 and $1.00 sequentially. So, these were the statistics of the current prices where the top cryptocurrencies are standing. Let’s see if the prices continue to fall even lower by the time or the investors see a hike.