After the release of US inflation data, stock markets turned a deep red and many cryptocurrencies even a deeper red. Bitcoin (BTC) initially held up stronger, but caught another blow last night. Most altcoins have been taking even heavier blows for two days in a row. Many prices drop to their lowest point in 16 months or more and the fear is in good shape again. The total market cap of crypto also plunges back below $1.2 trillion for the first time in 16 months, falling 7% in the past 24 hours to $1.15 trillion.
📈Market Overview#BTC price trades below $28K
Market cap: $1.16T (-7.45%) $BTC dominance: 45.06% (+1.66%)
Fear & Greed Index: 14 (Extreme Fear)
— CryptoRank Platform (@CryptoRank_io) June 12, 2022
Ethereum dropped 18.5% this week
Ethereum (ETH) tried to recapture $1,900 early this week but failed. Despite this, the price still held around $1,800 until the release of the US Consumer Price Index (CPI) on Friday. ETH initially fell to $1,680, already below the low from last summer. Yesterday morning, ETH continued to decline, already trading below $1,600, but briefly found support around $1,540.
Last night, ETH fell even deeper, reaching as low as $1,460 and even briefly dipped to $1,430. At the time of writing, ETH is back at $1,470 and is down 8.5% today and as much as 18.5% this week. The ETH price is currently at its lowest price in 15 months and even briefly dipped below the high of the beginning of 2018!
This means the market is holding an average unrealized loss of -18.4%
The Realized Price of ETH 2.0 deposits is higher at $2,404, with an unrealized loss of -39.6% pic.twitter.com/yleNe7111X
— glassnode (@glassnode) June 12, 2022
TRX, XRP, BNB also deep in the red
Among the largest crypto, tron (TRX) held up best today and this week. TRX is still down 5% today, currently standing at $0.076. Nevertheless, that is ‘only’ a drop of 5.5% this week. Ripple (XRP), on the other hand, is already 9.1% down today and even 11.1% this week. XRP currently stands at $0.348. Binance coin (BNB) is in the red as much as 10% today and 14.9% this week. BNB drops to $257.
SOL, DOT, DOGE, SHIB, ADA drop even harder
Solana (SOL) comes in at $32.5 this morning and is even down 11.5% today and 16% down this week. Polkadot (DOT) is already down 12.3% today and currently stands at $7.6. That’s down 19.3% this week. Dogecoin is down 12.6% in the past 24 hours to $0.066, down from 19.5% this week. Shiba inu (SHIB) is down 13.2% to $0.00000875, also down 19.5% this week. Cardano (ADA) is even down 12% today, but is ‘only’ 9% down this week. That’s because ADA rose sharply at the beginning of this week.
AVAX falls the hardest
However, Avalanche (AVAX) is the biggest loser today and this week among the biggest crypto. AVAX is down 17.3% in the past 24 hours to $18.5, which is down 24.6% this week.
Crypto top 100 hardest fallers today
The rest of the top 100 also looks bleak. Graph (GRT), waves (WAVES), tezos (XTZ), near (NEAR), gala (GALA), zilliqa (ZIL), sandbox (SAND), arweave (AR), axie infinity (AXS) and theta (THETA) are all about 15% down today. Flow (FLOW) and chainlink (LINK) are already down 17%. Fantom (FTM), stepn (GMT) and helium (HNT) are even falling by 19% and apecoin (APE) is the biggest loser today, standing 22% negative.
Crypto top 100 hardest fallers this week
In addition, stacks (STX), maker (MKR), bitcoin cash (BCH), decentraland (MANA) and cronos (CRO) are already 20% down this week. For arweave (AR), thorchain (RUNE), gala (GALA) and hedera (HBAR) this is 21%. Ethereum classic (ETC), litecoin (LTC), cosmos (ATOM) and filecoin (FIL) are already 22% in the red this week. Quant (QNT) and chiliz (CHZ) were down 23% this week and kusama (KSM), sandbox (SAND), zilliqa (ZIL) and internet computer (ICP) were down 24%.
Celo (CELO) is down 25% this week, axie infinity (AXS) 26%, klaytn (KLAY) 27% and near (NEAR) and stepn (GMT) 28%. Graph (GRT) fell 30%, fantom (FTM) 31%, apecoin (APE) and aave (AAVE) 32%. Waves (WAVES) is down a whopping 36% this week and elrond (EGLD) is the biggest loser, falling 38% last week.
Yet again there are exceptions. For example, okb (OKB) is 7% in the plus today and leo (LEO) and osmosis (OSMO) are 10% in the plus this week.
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— 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (@Crypto_Dep) June 12, 2022
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