Several prices of the top cryptocurrencies have slumped in the last 24 hours, update Friday (21/1) morning. The weakening is started by Solana (SOL).
Quoted from the coinmarketcap.com website, the crypto with the seventh-largest capitalization weakened 9.78 percent in 24 hours and 17.30 percent in a week. Therefore, the price of one Solana chip dropped to US$121.97 per chip.
Bitcoin (BTC) is also surprisingly weak 4.52 percent in the last 24 hours and 6.43 percent in the week. One Bitcoin this morning was valued at US$39,878 with a market cap of US$755.12 billion.
Further, Ethereum was down 6.60 percent on the day and 10.84 percent on the week. Now, the price of one Ethereum coin is US$2,907.
Crypto XRP weakened 5.44 percent in the day and 9.07 percent in the week to as low as US$0.70. Terra (LUNA) fell 4.27 percent in the day and 4.01 percent in kicks to as low as US$76.24
Crypto Cardano (ADA) also weakened 8.62 percent in the last 24 hours and 1.73 percent in the week. Cardano’s current price is $1.22 per chip.
There is also Crypto BNB which weakened 8.53 percent in a day and 11.19 percent in a week to a level of US $ 425.19 per chip.
Likewise, Polkadot (DOT) experienced a weakening of 7.22 percent in the last 24 hours and 16.48 percent in a week. The price of one piece of Polkadot is now US$22.50.
Meanwhile, USD Coin (USDC) edged lower by 0.12 percent in 24 hours and 0.07 in a week to a level of US $ 0.99.
The good news is that the cryptocurrency Tether (USDT) is holding in the green phase. Tether is up 0.03 percent on the day and 0.02 percent on the week. One piece of Tether costs US$1.
Drop reason of the top crypto price
The reason for the price drop of several top cryptocurrencies simultaneously is caused by investors who are still worried about unstable global conditions. They are worried about supply chain constraints, the virus pandemic (and its new variants), rising inflation, and tightening of central bank monetary policy.
Greg King, founder and CEO of Osprey Funds said, “The market is digesting things, and risk assets such as crypto will remain sluggish as long as global macroeconomic conditions are seen as volatile and in a negative direction,”
He explained that economic inflation could affect buying and selling power and investing in risky assets such as stocks and cryptocurrencies.
Although crypto prices continue to decline, King believes the rates will strengthen by the end of 2022. He also believes that the crypto market will rebound in the long term.