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The cryptocurrency market is a sea of red once again, with some of the leading altcoins plunging by more than 10%.
Meme coin Shiba Inu has careened 13.32% over the last 24 hours, according to data provided by CoinMarketCap. The token is currently trading at $0.00002373 on the Binance exchange.
Rival joke cryptocurrency Dogecoin has also recorded a double-digit loss over the same period of time, dropping by about 10%.
Despite recent positive developments in the Ripple v. SEC case that allowed the XRP cryptocurrency to buck the trend for a small period of time, the cryptocurrency has also cracked under pressure, tanking by nearly 14%.
Bitcoin is currently sitting at the $36,800 level on major spot exchanges, shedding roughly 6% of its value over the past 24 hours. The crypto king is performing better than the top altcoins, which resulted in a slight increase in its market dominance. Earlier today, the bellwether cryptocurrency dipped to a multi-week low of $36,368 on the Bitstamp exchange.
Cardano and Avalanche, two of the top “Ethereum killers,” are the top laggards at the time of writing this article, plunging by 14%.
The total market capitalization has now shrunk to $1.6 trillion after peaking at over $3 trillion in early November.
Bitcoin and Ethereum are down 46.49% and 48.10% from their record peaks, respectively.