There has been a sharp decline in other cryptocurrencies including bitcoin. The decline has come because of Russia’s decision to launch military operations in Ukraine.
Bitcoin has hit a one-month low. Bitcoin, the world’s most popular cryptocurrency, has fallen by about 10 percent and reached the level of $34,618. Apart from bitcoin, ether, dogecoin and other cryptocurrencies saw a decline.
Market cap halved in less than 5 months In the
last 24 hours, the market cap of global cryptocurrencies has fallen by about 8 percent. According to a report by the Economic Times, the market cap of cryptocurrencies has slashed in half to a level of $1.5 trillion ($1.5 trillion) in less than 5 months.
According to the report, the market cap of cryptocurrencies fell to $1.58 trillion on Thursday after Russia ordered military action in Ukraine. The market cap of cryptocurrencies reached $3 trillion in November 2021.
The decline in the market cap of global cryptocurrencies in terms of value is more than the GDP of many countries like Australia, Spain, Saudi Arabia, South Korea.
Ether, Dogecoin also declined up to 12 per
cent. At the same time, the Dogecoin cryptocurrency was down more than 12 percent at the level of $ 0.11. While Shiba Inu also fell by 10 percent to reach the level of $ 0.000022. The prices of coins like Solana, XRP, Terra, Stellar, Cardano, Polygon have declined in the range of 8-15 per cent.
