Bitcoin and Major Altcoins Suffer Dearly Amid Market Pullback as Coin Market Cap Settles at $240B


After almost two months of scaling upwards, the surge in the cryptocurrency market finally came to a halt on 23rd May. The market pullback saw the prices of Bitcoin and major altcoins suffer dearly and lost a combined total of $12 billion. While Bitcoin suffered a 4 percent dip in its prices taking its value to around $7,600, major altcoins suffered even bigger setbacks.

Cardano (ADA)

Cardano (ADA) was worst hit as its prices fell by 9.65% in the last 24 hours, followed by Stellar Lumens (SLM) and Bitcoin Cash (BCH). At the time of writing, ADA was trading at $0.074774 with a market cap of $1.93 billion. The trading volume of ADA in the last 24 hour also fell to $136 million. The altcoin has already lost 18.79% of its total market cap in the last 7-days.

ADA token's biggest trading volume contribution came from ZBG exchange amounting to $67 million from the total $136 million. The second biggest contributor to Cardano's trading volume came from Huobi global exchange amounting to $38 million, which was followed by Binance, contributing $16 million to ADA's trading volume.

Stellar Lumens (XLM)

Stellar Lumens prices fell by 8.38 percent over the last 24 hour period taking its prices to $0.122. The overall market cap of XLM is around $2.35 billion. The last 24-hour trading volume of XLM stands at $412 million. In the last seven days, Stellar has lost 16.15% of its total market cap.

The biggest contributor to Stellar's last 24-hour trading volume came from BW.com contributing $43 million to the $412 million.

Bitcoin Cash (BCH)

Bitcoin Cash which has performed exceedingly well throughout the short term bullish run, taking it prices above $400 fell by 7.61% amid market correction. BCH was trading at $379 at the time of writing with a total market cap of $6.76 billion.

BCH's biggest trading volume contribution came from OKEX exchange contributing $259 million to the altcoins total trading volume in last 24-hours. Coinbene, on the other hand, contributed $213 million while the third place was taken by OKEX with $189 million.

Conclusion

The market pullback on Thursday saw the overall cap slide from $250 billion to $238 billion causing a loss of 5 percent to the overall market cap of cryptocurrencies. While Bitcoin suffered a 4 percent dip in its prices taking it below the crucial $8,000 mark. However, altcoins suffered even bigger losses with ADA, XLM, and BCH losing more than 6 percent of their total market cap.

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