Crypto markets bleed red after 3-day rally ends

Cryptocurrency markets crashed after showing a significant hike earlier in the week. The global market cap fell by 4.93 per cent and are at $1.83 trillion as of 8:00 AM IST, CoinMarketCap data showed,

Bitcoin fell by 5.44 per cent per cent in the last 24 hours. Kunal Jagdale, founder of the BitsAir Exchange told Business Today, "After a strong 25 per cent rally in the last one month, Bitcoin's rise came to a halt as the digital token market saw some profit booking."

The ETH token also dropped by 7.23 per cent. The USDT stable coin slipped by 0.01 per cent unlike the USDC stable coin which actually rose by 0.06 per cent in the last 24 hours. It must be mentioned that both these tokens are pegged to the US Dollar.

The BNB token dropped by 3.65 per cent. XRP token also fell by 3.94 per cent.

Terra LUNA showed the least downtrend among top tokens, excluding stablecoins. It slipped by 0.43 per cent.

The ADA token, the SOL token and the AVAX token all fell by 5.26 per cent, 6.70 per cent and 5.36 per cent respectively.

Memecoins like Dogecoin and Shiba Inu were also hit by the slump. They slipped by 4.67 per cent and 4.69 per cent respectively.

It is interesting to note that crypto asset donations to Ukraine crossed $55 million.

The biggest gainers of the day were tokens like Star Wars Cat, which went up by an astronomical 4423.12 per cent, ASIX token, which went up by a whopping 496.30per cent, Robot Shib, which surprisingly went up by over 300 per cent second day in a row.

Furthermore, tokens like The Boring Token and Rhino Token each fell by over 90 per cent.