The cryptocurrency market lost a collective $200 billion in the last 24 hours amid fears of an aggressive shift in monetary policy from the United States’ Federal Reserve.
The overall market cap of the more than 18,700 coins dipped just under $2 trillion thanks to the 4.9% decrease.
The stock market was also hit by the news that the US’s central bank is expected to raise interest rates many times across the next year as it fights sky-high inflation.
The dip occurred despite high hopes of landmark announcements at the Bitcoin 2022 conference in Miami, which is now underway.
Market leader Bitcoin – the original cryptocurrency created by the mysterious Satoshi Nakamoto – lost 4% in the last 24 hours. BTC is around $43,400 at the time of writing (7am UK) and down 8% in a week.
Ethereum, the second most valuable crypto coin – created as a decentralised network for smart contracts on the blockchain – dropped 4% to around $3,200. ETH, set for a huge upgrade soon, is down 5% over the course of a week.
Binance Coin is a cryptocurrency created by popular crypto exchange Binance to assist its aim in becoming the infrastructure services provider for the entire blockchain ecosystem. Its BNB token shed 3% to $430, leaving it 3% down over seven days.
Solana is a blockchain built to make decentralised finance accessible on a larger scale – and capable of processing 50,000 transactions per second. Its SOL token lost 9% to $114 and is 6% down on its price last Thursday morning.
Terra, described as a programmable money for the internet and the year’s stellar performer, shed 7%. Its payment token LUNA is now at $108 and 1% higher than its price a week ago.
The XRP token of Ripple, a payment settlement asset exchange and remittance system, acts as a bridge for transfers between other currencies. XRP shed 5% to 77 cents, which leaves it 10% down over seven days.
Cardano is an open source network facilitating dApps which considers itself to be an updated version of Ethereum. Its ADA token, designed to allow owners to participate in the operation of the network, dropped 7% to $1.07. It is down 11% over the course of a week.
Avalanche, a lightning-quick verifiable platform for institutions, enterprises and governments, came out of nowhere months ago to break into the top 10 currencies. Its AVAX token is at $84 following a 7% loss in the last 24 hours, and down 15% in a week.
Polkadot was founded by the Swiss-based Web3 Foundation as an open-source project to develop a decentralised web. Its DOT token, which aims to securely connect blockchains, is at $20.09 following a 7% fall and 12% lower than its price a week ago.
Meme coin Dogecoin (DOGE) was created as a satire on the hype surrounding cryptocurrencies but is now a major player in the space. It is back at 14c following an 11% dip which leaves it 1% down over the course of a week despite enjoying two days of major gains thanks to Tesla entrepreneur and DOGE evangelist Elon Musk’s purchase of a $3 billion stake in Twitter.
To see how the valuations of the main coins have changed in the last few days, click here.
For valuations of the top 250 coins by market cap plus 24-hour price change and volume traded, see below.