Top 12 cryptocurrencies are in red as market loses almost $30b

The top 12 crypto assets, excluding stablecoins, have been in a downward spiral in the past 24 hours. The dip comes as the total crypto market capitalization plunged roughly $28 billion in the mentioned timeframe.

According to CoinMarketCap (CMC) data, the global cryptocurrency market cap fell by around 2.3% in the past 24 hours — from $1.187 trillion to $1.159 trillion. On the other hand, the total trading volume has spiked from $28 billion to roughly $34 billion at the time of writing.

As the crypto market saw a notable drop, the top 12 cryptocurrencies have also noticed similar dips, per CMC data. 

The largest digital currency, bitcoin (BTC), fell by 2.5% in the past 24 hours and is down by 0.2% over the past 7 days. BTC is trading at $27,735 at the time of writing.

Moreover, the second-largest cryptocurrency by market cap, ethereum (ETH), witnessed a similar drop. ETH is down by 2.1% in the past 24 hours and trading at $1,784 at the time of writing.

The top losers of this red market are the two largest meme coins, dogecoin (DOGE) and shiba inu (SHIB). DOGE fell by 7% in the past 24 hours and currently trading at $0.078.

SHIB had a smaller dip, seeing a 4.8% drop in the past 24 hours. The second-largest meme coin is now trading at $0.00001072 with a market cap of $6.3 billion.

Furthermore, the least affected asset on the list is cardano (ADA) with a 0.5% drop in the mentioned timeframe. ADA is trading at $0.386 at the time of writing.