The Global Crypto Market Cap Down 5.33% Over The Last 24-Hours

On June 2, Income Sharks — a Twitter account focused on crypto education, analysis, and predictions — tweeted the following 

#Crypto loss 1.8 trillion in marketcap. Of course markets are going to be a lot more volatile and more illiquid. This means we’ll be seeing more big red candles and more big green candles. This is what you want, volatility is where money is made.

— IncomeSharks (@IncomeSharks) June 1, 2022

At the time of writing, CoinMarketCap shows that the global crypto market cap currently stands at $1.23 trillion, which is a 5.33% drop over the last day.

Bitcoin (BTC) is currently below the $30,000 mark and is trading at $29,871.08, which is a 5.45% decrease over the last 24 hours. Ethereum (ETH) is also down 6.02% and is worth $1,818.78. Binance Coin’s (BNB) price stands at $302.69, which is a 4.98% drop from yesterday. Cardano (ADA) and Solana (SOL) are both down 6.85% and 12.27% respectively.

In other words, in 24 hours most of the leading cryptocurrencies have lost ground.

BuyCoin Chief Executive Officer Shivam Thakral had the following to say about the crypto bear market. 

The crypto bear market is in for a long haul as the overall crypto market cap fell by over 5 per cent. Bitcoin is struggling to cross the $30k mark and Ether is under a lot of pressure after slipping below the $1,700 mark.

Thakral also highlighted the fact that cryptocurrencies are not the only asset class that has suffered losses over the last month. He stated that “most high-priced tech stocks have faced a major downward trend which is a result of several macroeconomic factors putting pressure on the traditional and crypto market across the globe.”