- The global crypto market cap has dropped 1.75% over the last 24 hours.
- The prices of the top 10 cryptos have all dropped in the same time period.
- Santiment data shows that the crypto market buying power remains high.
The global crypto market cap has fallen over the last 24 hours according to CoinMarketCap. At press time, the total stands at $835.80 billion after it dropped 1.75% since yesterday. This drop in the total crypto market cap is a result of the price drops seen across the board, especially when looking at the top 10 cryptos by market cap.
Bitcoin (BTC) has dropped 1.71% over the last 24 hours, while Ethereum (ETH) dropped 2.63%. Similarly, Binance Coin (BNB) is down 2.31%, Ripple (XRP) is down 1.87% and Dogecoin (DOGE) has seen its price drop 3.10% over the same time period.
Meanwhile, the prices of Cardano (ADA) and Polkadot (DOT) have fallen 2.75% and 3.79% respectively.
Despite crypto prices continuing to drop, the blockchain analysis firm, Santiment, shows that the buying power in the crypto market remains higher than that seen during the 2021 bull run.
In a tweet made by Santiment yesterday, the firm shared that the average percentage of supply held on exchanges of the top stablecoins went from 32.5% to 29.4% in the past 4 months.
The chart shared in the tweet also shows that the average percentage supply of stablecoins held on exchanges of the top 4 stablecoins dropped 4.3% since early August of this year.
In related news, the largest stablecoin by market cap, Tether (USDT), has a market cap of $65,583,357,332 at press time. The next biggest stablecoin by market cap is USD Coin (USDC) with a market cap of $43,121,817,213.
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