The combined market capitalisation of all cryptocurrencies has fallen dramatically from $215 billion to $200 in twenty-four hours as cryptos become the latest domino to fall in a general market crash which began on Wednesday.
It is unclear what is behind the latest market panic, but some analysts have cited a potential escalation in the trade war between the US and China as one likely trigger. As US share prices registered their largest one day fall in eight months, Asian Markets followed suit, falling to a nineteen month low before European markets began to register their own losses this morning.
Bitcoin Showing Resilience
Despite registering an overnight fall of 4.5%, Bitcoin has emerged as a relative top performer – registering the smallest losses amongst the top 50 cryptos by market cap with the exception of Metaverse ETP (-1.45%).
BTC’s performance over the last twenty-four hours appears to lend some credence to the claim that it may be emerging as the digital equivalent of gold, a refuge asset class flocked to by investors when other asset classes are undergoing strain. Gold itself has gained 1% since the beginning of the market panic.
Ripple has been the biggest loser among the top 50 cryptos in this latest market fall, registering a 14% loss over the last twenty four hours, having been the primary object of speculative trading in the crypto markets over the last few weeks.