Bitcoin and Ethereum in the Red: Global Crypto Market Capitalization Falls 4.91%, Continues Gloomy Sentiment

Crypto News – With Ethereum trailing 4.54% and Bitcoin falling 2.41%, the markets remain volatile early on Tuesday morning.

Bitcoin and Ethereum in the Red: Global Crypto Market Capitalization Falls 4.91%, Continues Gloomy Sentiment

After coming within 5% of matching its all-time high market capitalization, which the cryptocurrency markets last witnessed in early November 2021, the global crypto market value has shrunk by 4.91% since yesterday, falling below $2.5 trillion.

According to CoinGlass, many long positions that hopeful traders had opened have been liquidated as a result of the sharp declines in the prices of Bitcoin and Ethereum. Across digital asset contracts, more than $500 million worth of long and $100 million worth of short bets were liquidated on the last day.

Ethereum Is Worse Off Than Bitcoin

According to CoinMarketCap data, the price of Bitcoin is $65,409 at the moment of writing, having momentarily fallen below $63,000. For Bitcoin dealers, this has been a swift shift of scenery. Last week, Bitcoin crept beyond $73,000, setting a new record high.

Compared to Bitcoin, Ethereum has done considerably worse. The price of Ethereum early on Tuesday morning was $3,230.05. That represents a 20% decline from this time last week when the Ethereum community was gearing up for the Dencun upgrade to go live on the mainnet, and a 10% decline from yesterday.