Crypto markets plummet again as the selloff accelerates.

For the fifth day in a row, crypto markets are in the red as the significant selloff continues, culminating in billions of dollars departing the industry.

After another session of heavy selling, total market capitalization fell by 3% in the early hours of January 7. The market cap is presently little more than $2 trillion, a drop of roughly 32% from its all-time high of $3 trillion in early November 2020.

The move has resulted in an additional $110 billion leaving the market. Since the beginning of this week, Crypto markets have decreased by more than $320 billion, or 13.5%.

Colin Wu, an industry expert, has remarked on the derivatives contract liquidations that have occurred in the last hour:

“The contract liquidation in the past half hour reached $102 million, of which $40 million in BTC and $42 million in ETH.”

According to CoinGecko, Bitcoin is leading the withdrawal as usual, having lost 3.2 percent in the last 24 hours. At the time of publication, BTC had dropped to $40,685 before rising somewhat to $41,630.

The crypto asset has lost 11.5% in the last seven days and 17.5% in the previous month. Bitcoin has already dropped 39% of its value from its all-time high on November 10th, and is only up 13% since the same time last year. A 40% decline is not uncommon, but it is too early to declare a bear market.

Ethereum is suffering much worse, with a 6.8% drop from the same time yesterday. ETH prices plummeted to a three-month low of $3,130 before recovering somewhat to $3,230.

Today, a few cryptocurrencies resist the dump, including Safemoon, which has increased by 40% and is now the top performer in the top-100.

Decentraland’s MANA is also performing well, up 12.4% to $3.22, while Quant (QNT) and Cosmos (ATOM) are up approximately 12% apiece.

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Patrick

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