Crypto market as is well known is highly volatile and once again in trade on November 26, 2021 as per Coinmarketcap has receded in market cap. The global crypto market capitalization currently stands at $2.4 trillion, a decline of close to 8 percent over the previous day. Nevertheless, volume in the world of digital tokens has spurted by a sharp 16 percent over the same time to $166.77 billion.
Meanwhile, cryptocurrencies that on the previous day (Thursday) showed resilience and recovered some lost ground after India's attempt at banning private cryptocurrencies, were once again trading with a cut.
At around 11:00 pm IST, bitcoin-the largest crypto by market cap and volume was down by close to 8 percent at US$ 54,445, while it fell to $53,552 intra-day. Likewise Ethereum tumbled over the previous day traded with a cut of over 9 percent. Tether however traded with a marginal cut of just 0.01 percent, while USD Coin was up by a tad. Similarly, Polkadot, Cardano and Dogecoin all were down between 8-12 percent.
The latest sharp crash on the crypto asset is owing to the new Covid variant found in South Africa which has roiled all major asset classes including cryptocurrencies.