Cryptocurrency markets in red, all main tokens sees a downtrend

In the previous 24 hours, cryptocurrency markets have fallen as key top tokens have bled red. According to CoinMarketCap data, the global market cap has dropped 5.18 percent in the last 24 hours and is now $1.77 trillion as of 8:00 a.m. IST.

Bitcoin is currently trading at $38,321, down 5.44 percent and below the $40,000 threshold. Ethereum has also plunged, with the price now sitting at $2,832 after a 5.74 percent drop.



In the previous 24 hours, the USDT Tether and USDC stablecoins' values have fallen by 0.01 percent. The BNB coin has lost 3.74 percent of its value. In the last 24 hours, XRP Ripple has also lost 7.09 percent. The ADA token is currently down 5.74 percent. In the last 24 hours, Terra LUNA has lost 7.81 percent of its value. Solana lost 4.33 percent of its value. Avalanche has lost 3.81 percent of its value.

In the previous 24 hours, the major top tokens have all fallen from their highs. It's worth noting that Dogecoin, a memecoin that's commonly referred to as tech billionaire Elon Musk's favourite cryptocurrency, has dropped to the eleventh most valuable cryptocurrency by market valuation. In light of Elon Musk's Twitter buyout, the token was among the top ten tokens yesterday. Elon Musk had previously suggested merging Doge into Twitter Blue, the microblogging site's premium paid service.

After surging above 30% yesterday after Elon Musk's announcement, the token is now down a stunning 9%.


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