Bitcoin has plunged to $42,000 as the crypto market continues to lose value

Sep 22, 2021 By: BI India Bureau Credit: Canva

The crypto market is continuing to shrink in volume and size

The market cap is down by nearly 3 percent at $1.81 trillion and volumes have fallen by 11.33 percent

Bitcoin continues to nosedive

The cryptocurrency hit $40,000 overnight and is now slowly recovering, coming back up to $42,000

Ether could not hold onto its $3,000 mark

The cryptocurrency is currently trading at $2,872 having lost 4.25 percent of its value in the last 24 hours

Ether was testing the $4,000 threshold just last week

Now, it’s down by nearly 16 percent in seven days

The only cryptocurrency to buck the trend seems to be Avalanche

It’s another contender for Ethereum’s dominance in the market

Avalanche recently completed a private sale of its AVAX tokens

The sale was worth $230 million

Avalanche is currently the 11th biggest by market cap

Priced at $62.11, its value has increased by over 10 percent in the last 24 hours

Avalanche could push Dogecoin out of the top 10

But there’s a $13 billion gap between their market caps

The value of Doge has taken a marginal hit

Elon Musk’s favorite cryptocurrency is worth $0.203, down by 1.71 percent

Cardano is currently at $2.05

The third biggest cryptocurrency out there has dipped by 1.7 percent since yesterday

Cardano has lost nearly 15% of its value since last week

But, the bulls are hoping that it won’t go below $2

Binance Coin is worth $354.09

It has lost 2.39 percent of its value in the last 24 hours Credit: Canva

XRP continues to dip as well

The cryptocurrency is worth less than $1 at $0.92, a drop of 2.19 percent since yesterday Credit: Canva

Solana is at $128

Down by around 5 percent, the same as bitcoin and Ether Credit: Canva

Polkadot is at $27.19

It is also down by nearly 5 percent in the last 24 hours

Disclaimer

These are top cryptocurrencies by volume according to CoinMarketCap | Prices updated as of September 22, 10 am IST and may change over the course of the day Credit: Canva

The crypto market is crashing for a second time in September