{"id":12257,"date":"2021-06-22T06:26:16","date_gmt":"2021-06-22T04:26:16","guid":{"rendered":"https:\/\/thecryptowolf.net\/2021\/06\/22\/dogecoin-tanks-28-in-massive-crypto-rout-ethereum-falls-below-2000-mark-benzinga\/"},"modified":"2021-06-22T06:26:16","modified_gmt":"2021-06-22T04:26:16","slug":"dogecoin-tanks-28-in-massive-crypto-rout-ethereum-falls-below-2000-mark-benzinga","status":"publish","type":"post","link":"https:\/\/thecryptowolf.net\/2021\/06\/22\/dogecoin-tanks-28-in-massive-crypto-rout-ethereum-falls-below-2000-mark-benzinga\/","title":{"rendered":"Dogecoin Tanks 28% In Massive Crypto Rout, Ethereum Falls Below $2,000 Mark | Benzinga"},"content":{"rendered":"
\"Dogecoin<\/div>

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Major cryptocurrencies slumped Monday night with the rout denting global cryptocurrency market capitalization by 14.5% to $1.27 trillion.<\/p>\n

What Happened: <\/strong>The apex cryptocurrency, Bitcoin<\/strong><\/a> (CRYPTO: BTC), traded 7.6% lower at $32,578.56 over 24 hours at press time. BTC is down 18.81% over a seven-day trailing period.<\/p>\n

Ethereum<\/strong> (CRYPTO: ETH) traded 11.65% lower at $1,945.41 over 24 hours. ETH was in the red 25.23% for the week.<\/p>\n

See Also: <\/em>How To Buy Ethereum (ETH)<\/em><\/a><\/p>\n

Dogecoin<\/strong> (DOGE) was down 27.9% at $0.196 at press time. The Shiba Inu-themed coin has plunged 40.08% over seven days.<\/p>\n

XRP<\/strong> (CRYPTO: XRP), Polkadot<\/strong> (CRYPTO: DOT), and Cardano<\/strong> (ADA) also traded in the red at press time over 24 hours. XRP was down 16.48% at $0.62, DOT fell 19.6% to $16.19, and ADA traded 13.22% lower at $1.22.<\/p>\n

There were virtually no gainers over 24 hours with the Ethereum-based stablecoin Dai<\/strong> (CRYPTO: DAI) the only coin trading in the green, up a measly 0.03% at $1, as per CoinMarketCap data.<\/p>\n

Why It Matters:<\/strong> Most major cryptocurrencies have sharply reversed course since they hit their all-time highs. BTC is down 49.68% from an all-time high of $64,863.10, ETH has fallen 55.47% since it hit $4,362.35 last month, and DOGE has slumped a massive 73.37% from the heady highs of $0.74 in May.<\/p>\n

See Also: <\/em>You Can Now Buy Bitcoin, Dogecoin, Ethereum Alongside Apples, Oranges At H-E-B’s Houston Stores<\/em><\/a><\/p>\n

On-chain activity across the board is \u201cremarkably low\u201d across both Bitcoin and Ethereum, as per Glassnode.<\/p>\n

According to Glassnode, the total transfer volume is touching levels seen in 2021 and early 2021. Bitcoin active addresses fell 24% from a sustained peak of 1.16 million from March to early May. Current active addresses number 884,000, a level since the same time last year.\u00a0<\/p>\n

The fall in Ethereum active addresses is even greater at 30%. The current activity of 474,000 active addresses\/day was last seen in the quarter ended March.<\/p>\n

The on-chain data analytics firm also pointed to multiple regions enforcing bans on the industry in China.<\/p>\n

\u201cAs the Chinese mining industry comes to grips with the logistical challenges of relocating, migrating or selling their hardware and facilities, some are likely to liquidate a portion of their accumulated BTC treasuries,\u201d as per Glassnode.<\/p>\n

On Monday, Pseudonymous analyst Tyler Durden claimed on social media that Dogecoin was headed to $0.05 levels<\/a> and even Tesla Inc <\/strong>(NASDAQ:TSLA<\/a>) CEO Elon Musk couldn\u2019t save the meme coin.<\/p>\n

Read Next: <\/em>Bitcoin Bull Michael Saylor On Ethereum, Altcoins Says ‘There Is Place For Everybody’<\/em><\/a><\/p>\n<\/p><\/div>\n

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