BackCrypto prices update: Bitcoin's dominance takes a downturn, struggles below $30k
Heavyweight Bitcoin dragged the global crypto market as it struggled below $30,000 and even erased previous strong gains. The crypto leader's market cap has also slumped below the $600 billion mark.
PremiumCryptocurrency updates today: The crypto market witnessed volatility on Sunday with valuation rising however volumes declined heavily. Heavyweight Bitcoin dragged the global crypto market as it struggled below $30,000 and even erased previous strong gains. The crypto leader's market cap has also slumped below the $600 billion mark. With that, Bitcoin's dominance has slipped marginally in the last 24 hours.
As per CoinMarketCap, Bitcoin currently traded at $29,868.21 up 0.4%. Its current market cap stands around $570 billion. The coin's fully diluted market cap today stood at nearly $623 billion, however, this has been corrected sharply. In volume terms, Bitcoin slipped by 9.45% to $15.7 billion in the last 24 hours.
Bitcoin’s dominance is currently at 46.15%, a decrease of 0.15% over the day.
In the last seven trading sessions, Bitcoin's gains were merely 2%.
Counterpart Ether traded at around $1,800 up 1.71%. Its weekly performance is flat.
Data of CoinMarketCap states that the global crypto market cap is $1.23 trillion, a 0.59% increase over the last day. Meanwhile, the total crypto market volume over the last 24 hours is $42.50 billion, which makes a 6.80% decrease.
Further, the total volume in DeFi is currently $4.42 billion, 10.40% of the total crypto market 24-hour volume. The volume of all stable coins is now $35.57 billion, which is 83.69% of the total crypto market's 24-hour volume.
In terms of percentage, the top-performing cryptocurrencies were - Chainlink (LINK) surging over 8%, Avalanche (AVAX) gaining nearly 6%, Solana (SOL) jumping over 5%, Algorand (ALGO), and ICON (ICX) advancing by 4.7% and 3.4%.
Meanwhile, top underperformers in percentage terms were - STEPN (GMT) slumping nearly 6%, Waves dipping over 5%, Internet Computer (ICP) shedding 3.5%, Bitcoin Cash dipping 3.5%, and THORChain down over 2.5%.
Notably, Tron which debuted last month as the USDD algorithmic stablecoin - is seen to avoid troubles its fellow token TerraUSD faced while boosting transparency and adding collateral.
As per the Tron Dao Reserve website, the total market cap of Tron-based stablecoins' stands at $42.02 billion currently. It has a Tether USD supply of 38.74 billion, while a Decentralised USD supply of 667.52 million, USD Coin supply of over 1.98 billion, TrueUSD supply of 387.45 million, and 265.61 million.
The TRA data showed that Tron has reserves of over $785.90 million in Bitcoin, Tether, and Tron's TRX. Further, the stable coin has a collateralization ratio of 217.79% at the present.
Tron founder Justin Sun said in a recent interview said, “This has been in the plan, but Terra/Luna definitely accelerated and prioritized this for our team," as reported by Bloomberg.
Sun added, “We want to have USDD to be overcollateralized, which I think will make market participants more comfortable about using us in the future."
The announcement comes after TerraUSD made a hysteric collapse last month. This led to a deep selloff in other stable coins with Tron also facing the heat. Tron's whose market capitalisation earlier was $60 billion has nosedived significantly.
In the interview, Sun said, last month that the Terra/Luna collapse offered a chance for other projects to adjust, and that USDD would aim to raise $10 billion through TDR to defend its peg.
Algorithmic stablecoins which often were believed to have a constant price of $1, however, took a downturn and erased their peg last month dampening investors sentiments in them.
On CoinMarketCap, Tron trades at $0.08183 up 2.83%. It ranks 13th in terms with a market cap of more than $7.62 billion. It has a circulating supply of 93.22 billion TRX coins and the maximum supply is not available.
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