Suddenly, and against the backdrop of the crisis that the "Toncoin" currency was exposed to, the red color dominated the cryptocurrency trading platforms, and the market recorded a total loss of $195 billion with "Bitcoin" falling to $58,000.
Despite this wave of losses, a number of industry leaders remain optimistic about the performance of digital currencies. In a recent research note, Coinbase CEO Brian Armstrong expressed his confidence that cryptocurrency payments will witness significant growth during this decade.
“Ironically, it was initially thought that payments would be the first major use of cryptocurrencies,” he said, adding, “but trading turned out to be the most successful area in the first 10 years.”
In terms of trading, and during the last hours of trading, the combined market value of the crypto market fell by 8.6 percent, recording losses of about $195 billion, after its total market value fell from $2,268 billion in trading last Tuesday morning, to about $2,073 billion in recent trading.
Bitcoin plummets to $58,000
The strongest cryptocurrency in the market was at the forefront of the losing currencies, as Bitcoin recorded losses of 4.8% during recent trading, while it recorded weekly losses of 1.8% to be traded today at $59,281, and its total market value fell to $1,159 billion, capturing a market share of 55.90% of the total cryptocurrency market.
Ethereum, the second largest cryptocurrency and the “runner-up to Bitcoin,” has lost 3.8 percent in the past few hours, down 4.7 percent over the past week to $2,526, and its combined market value has fallen to $299 billion, accounting for a 14.42 percent market share of the total crypto market.
The Tether coin came in third place, after its price stabilized at $1, while its combined market value stabilized at $118 billion, capturing a market share of 5.69 percent.
