Key Takeaways
- According to CoinGecko, the total market value of all crypto assets has reached a record high of 3 trillion dollars.
- In the next weeks, Terra has decided to burn almost 89 million tokens.
- More than $700 million in Bitcoin's value was liquidated when the market sank and the Bitcoin price fell below $63,000.
Currently, the total market cap stands at a record high of over $3 trillion, according to monitoring website CoinGecko.
In the last seven days, the total market cap has climbed by 8.4%, and in the last 30 days, it has increased by 25.54%. A massive 284 percent increase from the beginning of 2021, when it stood at $775 billion.
According to Companiesmarketcap, the world's biggest company by market capitalization, Microsoft, has a market value of $2.5 trillion. In comparison, the gold market has a value of $11.5 trillion, which is nearly a fourth of the gold market's value.
It is estimated that Bitcoin has a market capitalization of $1.12 trillion and a market share of 42.3%. The market value of silver is $1.36 trillion, which is nearly the same size as Tesla.
Now worth more than JPMorgan Chase ($496 billion), Ethereum has a $560 billion market valuation. According to market capitalization, Binance Coin is the third-largest cryptocurrency asset.
Turbulence in LUNA's Price after Terra's vote to burn $4.5 billion in Tokens
Reduced supply is the most effective way to increase demand, assuming everything goes according to plan.
LUNA utility token protocol and terraUSD stablecoin are maintained by Terra, the Terraform Labs-created Terraform community.
Tuesday's decision by the community resulted in the destruction of around $4.5 billion worth of LUNA tokens. After Do Kwon's request was approved, the token's price surged from $50 to $54, just shy of its all-time high of $54.77. Afterwards, the whole crypto market went red as a result of a small market crisis. Prices decreased by 14% in a matter of hours. As of this writing, LUNA's market value stands at $23.5 billion.
LUNA is a utility coin that may be used in Terra-based decentralized apps. Terra's algorithmic stablecoins are one of its principal applications. When the demand for UST drops, more LUNA is coined; when the demand for stablecoins grows, more LUNA is burnt.
There were 520,000 tokens removed out of circulation after the victorious vote, which means that the remaining 88+ million tokens will be burnt over the following two weeks, which might possibly increase their value.
More than $700 million was traded in a single day when the price of Bitcoin fell below $63,000
Today seemed like a fantastic day for Bitcoin and the cryptocurrency market, but bears had a different plan.
While Bitcoin hit an all-time high over $69K earlier today, other cryptocurrencies saw significant gains as well.
Several hours later, though, we're staring at close to $700 million in liquidated positions as BTC falls below $63K.
In spite of the fact that the price has risen above $65,000, BTC is still losing around 4% on a daily basis. Overall, the market's capitalisation lost almost $200 in the midst of this downturn.
More than eight out of ten liquidations occurred on Binance, according to data compiled by Bybt.
Let us know what you think about the recent rise in BTC's daily liquidation rate.
