On Thursday, the cryptocurrency market witnessed some profit booking, snapping a two-day winning run, with altcoins seeing the most selling pressure.
The global crypto market value fell by more than 4% to $1.70 trillion. However, the entire crypto market volume increased by more than 5% to $68.31 billion.
Bitcoin and Ethereum, two major cryptocurrencies, have stayed fairly unchanged in price. Following a brief dip, the global crypto market has begun to trade in the green on the plus side.
Bitcoin’s price increased by only 1.26 percent to USD 37,343.81. The cost of Ethereum increased by only 1.51% to USD 2,693.23.
Other cryptocurrencies like as XRP increased by 1.32 percent, Solana increased by 4.99 percent, Terra increased by 5.45 percent, Cardano increased by 2.48 percent, and Polkadot increased by 2.45 percent. Stellar gained 1.34 percent.
Other cryptocurrencies such as Dogecoin increased by 0.36 percent, Chainlink increased by 3.87 percent, Polygon increased by 1.77 percent, Shiba Inu increased by 1.18 percent, and Wrapped Bitcoin increased by 1.43 percent.
Except for the USD Coin, which is connected to the US dollar, all of the top ten digital tokens were trading down on Thursday. Terra and Solana fell by 9% apiece, while Cardano fell by 6% and Shiba Inu fell by 4%.
Meta losing market share
Poor profits from Meta, formerly known as Facebook, harmed the market attitude. Weaker guidance for the current quarter exacerbated the situation. Meanwhile, the wormhole hole network was down for repair, which influenced the DeFi space. Trading volumes remained low as well.
Meanwhile, according to Reuters, Jump Trading’s cryptocurrency subsidiary announced it had returned more than USD 320 million to crypto platform Wormhole following one of the greatest crypto heists on record.
According to Reuters, Jump Trading, located in Chicago, purchased Certus One, the developer of Wormhole, in August.
