The Crypto Crash
This article will follow the sudden collapse of one of the biggest names in crypto. Consistent losses have got people worrying. Even some have started to pull out their investments.
Bitcoin makes first on our list quite surprisingly. It’s one of the most famous and trusted cryptocurrencies around the globe. In 2021, BTC reached a market cap of almost $1.27 trillion. A single BTC had a price of $69,000. Although, this is not the case now. It has lost about 57% of its price. The value now is expected to be around $20,000.
Ethereum is the second most wanted cryptocurrency in the world. But as it seems, the ETH has taken a heavy blow as well. It was only behind Bitcoin last year when it had a market cap of almost $134 billion. It has now lost more than 70% of its value. The price of a single ETH used to glide around $4800 last year. It has faced the same blow as Bitcoin faced.
Another cryptocurrency getting caught up in the heat is Solana. It lost nearly 78% of its price this year. Just like the others, it was estimated at an all-time best of $258-$260 last year. It further recorded a market capitalization rate of 12.4 billion. It has significantly lost a major part of its value this year.
Terra – LUNA
Unlike the others, this cryptocurrency recorded its all-time best this year. It was valued at $116 in the latter half of April. It had a market cap of almost $40 billion. In the case of a month, the price staggeringly went down to $0.041. How shocking is that! As of today, the LUNA is valued at $0.00005682.
One of the co-founders of Terra reported that he lost almost every single penny of his wealth trying to recover from the sudden collapse. Another one of Terra’s coins went way down the market. The TerraUSD also faced major consequences this year. It’s now recorded at a price of $0.69. The TerraUSD was also not fully formed yet and collapsed before living the good days.