The crypto crash that rocketed markets back in May got worse in June 2022.
The prices of major Cryptocurrency Prices have been falling steadily over the past few days. Bitcoin lost around 15% of its value in just a couple of hours. It closed last week at its lowest point since December 2020.
The total market cap of cryptocurrencies has dropped below $1 trillion, the lowest level since January 2021. It’s 67% lower than its all-time high of $3 trillion, reached in November last year.
Today, we’re taking a look at the prices of various cryptocurrencies. These include Bitcoin, Ethereum, BNB, Dogecoin, Stellar, and Solana.
Why is crypto crashing again?
According to the consumer price index data released by the US government last week, inflation in the country was at 8.6% in May.
This is the highest inflation level in over 30 years. It sent shockwaves through the markets, with the S&P500 falling 4% to its lowest since December 1981.
This increase in inflation is expected to trigger a rise in interest rates by the Federal Reserve. This could cause further negative news for cryptocurrencies.
Celsius, widespread lending and staking platform, has temporarily suspended its operations in response to the rising prices of cryptocurrencies. The company cited extreme market conditions as the reason for its decision. Its own Celsius token has lost more than 50% in the past week.
It’s been a month since the collapse of Terra Luna, and the widespread layoffs and issues within the crypto industry have once again affected the market.
Top 10 cryptocurrency prices on June 14th, 2022
Below we look at the crypto prices today of the top 10 tokens by market cap and potential.
The price of Bitcoin is currently at $22,414, a 12% decrease from the previous day. It’s also down 24% in the past week. There are also signs that the bear market could continue.
The price of Ethereum is currently at $1,220. It’s down 8% from the previous day and 31% in the past week. It’s presently the hardest-hit cryptocurrency in the top 20 cryptocurrencies.
The price of BNB is currently at $226. It’s down 5% from the previous day and 20% in the past week. Compared to Ethereum and Bitcoin, BNB’s losses are not as severe.
One of the few cryptocurrencies that are rising in today’s market is Cardano. It’s currently trading at around $0.4934. In the past 24 hours, it has gained 6%. It lost 16% during the previous week.
In the past 24 hours, the price of XRP has changed several times. During this period, it briefly traded with Cardano. It’s currently at around $0.3155. It’s lost about 3% in the past day and is down 19% in the past week.
Solana is currently trading at around $30.37. It’s one of the fastest-growing cryptocurrencies in the top 20 today, with a 7% increase in the past 24 hours. Despite this, it has lost 22% in the past week.
The price of Dogecoin is currently at around $0.5699. This is a 3% decrease from the previous day, down 29% in the past week. Despite its losses, it’s still considered one of the 10th biggest cryptocurrencies by market cap. However, it’s now $400 million behind the surging Polkadot.
The price of Shiba Inu has dropped from its 15th position in the market cap rankings to 17th place. Despite its positive performance in the past day, it lost 20% in the past week. Two other cryptocurrencies, Avalanche and UNUSED LEO have also changed their positions in the past few days.
EverGrow Coin is currently trading at $0.0000001698. The losses are attributed to the sudden surge in the price of EverGrow yesterday, which was caused by its fast-growing user base and its ability to fund daily BUSD rewards with a scalable transaction tax. With over $1 million in trading volume, this token could see an 8% distribution to its investors’ wallets within the next 4 of days.
Stellar gained widespread attention earlier this month after MoneyGram introduced a global payment system using the Stellar Network. Despite its negative performance in the past week, it’s still increasing market rankings. The price of Stellar is currently at around $0.1119. It has gained 2.3% in the past day. Despite its losses, it’s still considered one of the 23rd biggest cryptocurrencies by market cap.