CoinEfficiency

Crypto Market Sees Sharp Decline as Major Coins Lose Value

The cryptocurrency market experienced a significant downturn on Friday, with most major coins losing value. Bitcoin, Ethereum, and Toncoin led the drop, while TerraClassicUSD (USTC) saw a notable gain.
Published on 2022-10-28

Crypto Market Drops Below $1 Trillion

The cryptocurrency market faced a challenging day on Friday, with most major coins losing value. Bitcoin (BTC) fell 2.13% to $20,086.07, while Ethereum (ETH) dropped 2.79% to $1,494.21. Toncoin (TON) saw the largest decline, plummeting 13.32% to $1.62.

The overall market capitalization dipped below $1 trillion, settling at $980.02 billion. Trading volume reached $88.11 billion, reflecting heightened activity despite the market's downturn.

TerraClassicUSD (USTC) Bucks the Trend

TerraClassicUSD (USTC) stood out as a rare gainer, rising 24.2% to $0.0465. This stablecoin has garnered attention for its potential scalability and profitability.

Other Altcoins See Losses

Solana (SOL) fell 2.49% to $30.60, while Ripple (XRP) lost 2.18% to $0.4624. Cardano (ADA) dropped 5.38% to $0.3841. Binance (BNB) also declined 1.08% to $286.54.

Meme Coins Experience Volatility

Dogecoin (DOGE) saw a 1.79% drop to $0.07343, but its trading volume surged 69.66% to $2,651,999,770. Shiba Inu (SHIB) fell to $0.00001044.

Market Uncertainty Persists

The cryptocurrency market remains volatile amid fears of inflation and a potential global recession. Investors are closely watching promising assets like TerraClassicUSD (USTC) for potential opportunities.

The current market conditions highlight the ongoing challenges and uncertainties in the crypto space, with traders navigating a complex landscape of price swings and economic concerns.

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