New Delhi: Merely a year after rally in crypto markets, the digital currency is on a steady & speedy downslide. The sharp downtrend in crypto currencies has resulted in Bitcoin & other leading crypto coins plunging to all time low.
Almost all crypto currencies are in the red. On Thursday, most digital currencies bleeded on the bourses and recorded massive losses. The free fall in crypto markets has been happening for a while but Thursday’s carnage happened across all segments and pushed them into a deep red zone.
Bitcoin, the world’s largest & most popular digital currency slumped 11.1 percent to $16,115.1. Just a year ago, the popular currency had tough high of $69,000. The upheaval in virtual currency markets ensured that it falls down to two-year low with market value standing at #310.8 billion.
Not just Bitcoin, all other coins & tokens remain in the red. Ethereum, the second largest cryptocurrency in terms of market cap, recorded drop of 16% and its value stood at $1,100.
Dogecoin, the meme-based digital currency plummeted 8.3% and its market value stood at about $10.1 billion.
Commenting on the free fall, market experts said that the turbulence in crypto currencies comes on back on negative market sentiments & some major setbacks hitting the industry. The US mid-term elections also pushed the markets in red, with Nasdaq and S&P 500 dropping more than 2%.
Among other popular cryptos which suffered the most included Solana, Shiba Inu and Polygon. Solana crypto slided by 37.6% and got its market value reduced to $13.8.
Shiba Inu, another meme-based crypto fell 6.6% in last 24 hours while Polygon saw drop of about 13%.
The crypto markets which became the investors’ favourite last year remains the dreaded choice for now, given the carnage & deep crash in crypto markets.