Bitcoin, Ethereum and other digital coins fall weak as cryptocurrency market plunges

As most decentralized tokens fall to their all-time low in June 2022, cryptocurrency investors are left in dismay. Since November 2021, the global cryptocurrency market cap has shrunk by over $2 trillion, from $3 trillion to $977 billion in June 2022. This trend is not only visible in the cryptocurrency market but the global stock market is also witnessing a rough time, especially as investors escape by selling off their holdings. 

Bitcoin and Ethereum fall to less than half of their all-time high

While writing this report at 09:30 AM IST on June 19, 2022, Bitcoin was floating for Rs. 15,30,128.25 (coinDCX). In the last 24 hours. Bitcoin has had a 24-hour high/low price of Rs. 17,04,398.51 and Rs.14,70,000.00 respectively. The latter also happens to be the lowest price Bitcoin has been valued at in the last year. It is important to mention that Bitcoin is currently valued at about one-third of its all-time high value of Rs. 54,74,847.

Other popular cryptocurrencies such as Ethereum have also experienced a sudden plunge in prices. At 08:00 PM IST on June 12, Ethereum was available to purchase at Rs. 1,24,463.47. However, the cryptocurrency fell to Rs. 73,462.37 on June 19, 2022, which also happens to be a record-low price. Again, it is important to mention that Ethereum is currently valued at one-fifth of its all-time high of Rs. 3,87,850.91 in November 2021. 

Let’s talk about Binance Coin as well. When writing this report, the digital coin is valued at Rs. 16,147.62, which is only slightly higher than the cryptocurrency’s one-year low price of Rs. 15,465 (June 19). Like Bitcoin and Ethereum, Binance Coin prices have plunged in the last week. This trend is also observable in the prices of other digital coins such as Litecoin, Solana and Ethereum Classic. 

The global cryptocurrency market has seen a lot of regulatory hurdles in the last year or so. However, amid rising tension between countries around the world, and higher rates of inflation, investors seem to have lost their risk appetite. While crypto has recovered from a number of crashes in the last six months, the overall price and market cap have come down consistently since November 2021.  

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