Bitcoin price today plunged below the $30,000 mark after hovering around the level since the past few sessions. The world’s largest and most popular cryptocurrency fell 0.8% and was trading at $28,714.83. The token is down 36% so far this year and has led a decline in digital assets across the whole crypto spectrum, with the world’s largest token set for an eighth straight weekly loss in its longest such slump since August 2011.
Ether, the second-largest cryptocurrency decline 0.9% trading at $1,731.20 on Saturday morning. However, dogecoin gained today trading at 5.3% at $0.081621 and Shiba Inu also gained 1.6% to $0.00001052. The global cryptocurrency market capitalization today is $1.24 trillion, a 1.1% drop in the last 24 hours and the total cryptocurrency trading volume since yesterday is at $102 billion.
On the other hand, Cardano dropped 2.1% trading at $0.452141 on Saturday, while Solana dropped 4.1% trading at $40.69, based on data from CoinGecko.
Meanwhile, Bitcoin is witnessing this roller coaster in the wake of both the macro headwinds of Federal Reserve monetary tightening and the crypto-specific fallout from this month’s implosion of the TerraUSD algorithmic stablecoin, which continues to weigh on digital assets, particularly those related to decentralized finance. Altogether, the crypto market has lost some $500 billion in market value so far in May, a 29% plunge.
Cryptocurrencies declined even as risks assets such as stocks rose, marking a break from their recent lockstep relationship and a sign of shaky conviction that could portend a worrisome trend.
With the reverberations from Terra’s collapse hitting altcoins harder, Bitcoin now claims a larger share of the cryptosphere, accounting for 44% of the total market’s value. That’s the most since October, just before the latest bull market peaked, based on data from CoinGecko. But it’s not as if Bitcoin has been spared: It is now down almost 60% from its all-time high in November, though it has generally traded in a range of $28,000 to $30,000 in the past couple of weeks.