Hopes of a sustained relief rally in the crypto markets were dashed on Wednesday morning, when the 5% plus of gains seen yesterday were all but wiped out, bringing global market capitalisation shooting down to US$915bn.
Bitcoin’s US$20,000 support line failed to hold, having contracted nearly 7% to US$18,800.
Ethereum suffered similar losses as it dipped below US$1,300.
Heavier losses still were felt by Ripple (XRP), which encountered a double-digit hit to its now-US$21bn market cap.
Other large downward movers this Wednesday morning included Terra Classic (LUNC), Compound Finance, Neo, and the Zcash privacy coin.
In the large-cap network token space, BNB, Cardano, Polygon and Solanna dipped between 5% to 7% apiece, while Polkadot underperformed further still.
The few daily risers included Quant Network’s QNT token, whose market cap jumped 8% to US$1.6bn, and RSR, the governance token for the Reserve stablecoin.
Total value locked across the decentralised finance (DeFi) space is currently US$53.9bn.
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