Cryptocurrency Prices Freefall: Top Cryptos In The Red; Terra, Gala, Avalanche, Solana Fall By Upto 93%


While cryptocurrencies recovered in early trade today, there is a crash in the digital token space once again as a result of steep sell off on the previous day. Bitcoin-the most popular and the largest crypto by m-cap has tumbled to again hold just above $30K, being at $30,806.5, a decline of over 1%. Ethereum-the second largest crypto is also trading with a cut of over 4% at $2251.6.

Several crypto coins are in the red today, including Terra, Gala, Avalanche, and Solana, which are down by up to 93%
Terra, which last traded around 10:00 pm with a correction of over 92% at the time of writing this copy, has experienced the sharpest correction to the tune of close to 100%. Likewise, the other top cryptos that as per Coindesk constitute roughly 99% of the market by volume at eight of the largest and most trustworthy exchanges including Gala tumbled by over 36%, followed by sharp losses in Avalance and Solana of over 30% and 23%, respectively.

By far the crypto universe as with the other securities market is plunging driven by weak sentiments on global economic growth fronts, geo-political worries, inflationary pressure and hawkish central banks.

As a result of the correction, total crypto market capitalization has fallen by more than 7% over the previous day and has fallen to just over $1.33 trillion, while the market volume is also down by a tiny bit to $196.55 billion.
So, it is largely the result of the economic fallout that Bitcoin has tumbled in price to its lowest since last July.