Pandemonium has taken over the cryptocurrency space as Bitcoin and its counterparts plunge drastically while others have crashed completely. Many investors in cryptocurrency have been caught unawares by the sharp fall of most cryptocurrency assets in the last few weeks. Here is an outline of how much value (in %) the major cryptocurrency assets have lost in the last 7 days:
- Bitcoin, the crypto with the highest market cap, has lost 27%
- Ethereum has lost 32%
- Binance coin has lost 32%
- Ripple has lost 39%
- Cardano has lost 44%
- Solana has lost 50%
The price of Luna at the beginning of the week of May 9, 2022 was $63. As of May 12, 2022, Luna was at $0.12 which is about 99.8% loss of its value in the last 7 days. So far, this is the biggest loss of all Cryptocurrency assets. Before this crash, Luna was the 6th largest cryptocurrency by market cap. As a result of this crash, it has lost that position.
Looking back, Bitcoin surpassed $1Trillion in April 2021. As it stands right now following the crash, Bitcoin has lost over 50% of that all-time high market cap. However, Bitcoin still maintains the number one spot in the Cryptocurrency market with a market cap of $544Billion. As of today, May 12, 2022, Bitcoin is currently at $28,000.
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