Crypto market crashed today 12th May 2022

The global cryptocurrency market seem to have landed itself in a free fall,

Data on CoinMarketCap shows that Terra (LUNA), which was one of the top cryptos just a few days ago, has dropped to 59th rank, losing over 99 per cent of its value in the last 7 days.

Bitcoin has lost over 28 percent of its price value in the last 7 days. At the time of press, BTC price was just $28,542

The global crypto market cap is now just $1.38 trillion, a 6.44% decrease in the last 24 hours.

Bitcoin price was $30,621, which is nearly 5% decrease in the last 24 hours.

Dogecoin is back at 10th rank in terms of market capitalisation. Interestingly, cryptos like BNB, Ethereum and XRP have shown higher rate of recovery as compared to Bitcoin in the last 24 hours.

Experts think that crypto markets appear to be recovering from the recent crash but the atmosphere of “extreme fear” continues in crypto community.