Insight Bureau: Cryptocurrency traded in the red on May 12, 2022 and the global crypto market cap decreased 13.2% in a day, currently standing at $1.23 trillion. The total crypto market volume over the last 24 hours, however, rose to $218.94 billion which is a 42.50% increase.

The total volume in DeFi is presently $26.95 billion, 12.31% of the total 24-hour volume in crypto market. The dominance of the world’s biggest cryptocurrency, Bitcoin, increased by 2.46%, to currently stand at 44.36% as per the data from CoinMarketCap.

As of 6:10PM IST on May 12, 2022, the prices (in INR) and percentage increase (or fall) in 24 hours of some of the largest cryptocurrencies are:

Bitcoin – 23,49,846 , -7.45%
Ethereum – 1,61,331 , -16.87%
Tether – 83.24 , -0.68%
Cardano – 37.91 , -24.06%
Binance Coin – 22,927 , -7.24%
XRP – 31.20 , -22.40%
Polkadot – 677.80 , -20.66%
Dogecoin – 6.38 , -22.36%

Bitcoin fell to its lowest level in 16 months on Thursday, continuing to fall along with high-risk assets such as tech stocks. The world’s largest cryptocurrency dropped about 2% to $28,379.26, its lowest since January 2021.

Bitcoin has lost more than 28% of its price value in the last 7 days. The BTC price at the time of press was just $28,542. Meanwhile, the price of TerraUSD (UST), which is considered to be the price driver of the current crypto market crash, has fallen by 32% in the last 7 days.

While BTC fell by 9% in the last 24 hours, ETH dropped by 15% and altcoins like LUNA decreased by over 90%. BTC was slightly above $32,000 due to a minor recovery but the prevalent overhead selling pressure and extreme market fear took the price down to levels below $28,511.

As per Bathija, most stable coins such as Tether and USDC are backed by assets like cash and bonds. in For algorithmic stablecoins like UST, they are supposed to be automatically fixed to the price of another digital asset.