Cryptocurrency market cap, once at $800 billion, has fallen below $1 trillion. The market has shed over $400 billion in market cap in 24 hours, and the number of coins in circulation has dropped to an annual low.
In the last 24 hours, the market cap of the cryptocurrency market has plunged below the $1.5 trillion mark, marking a more than $400 billion drop for the year.
The total market cap of all cryptocurrencies is currently $1.565 trillion, according to CoinMarketCap.com, and it has fallen by over $100 billion in the past 24 hours. At around 18:00 UTC, the market cap was just $1.521 trillion. $1.5 trillion sounds like a lot, but it is less than the market cap reached just nine months ago. And, just a few months ago, the market cap was over $2 trillion.. Read more about $1 trillion market cap cryptocurrency and let us know what you think.Summary of the situation – Cryptocurrencies have lost more than 40% of their value. – Since May, the cryptocurrency market has formed a bearish pattern. There was just a dark weekend where the cryptocurrency market dropped below $1.5 trillion. More than $100 billion has been wiped out of the cryptocurrency market, causing the market to fall by more than 5%. Bitcoin is currently trading at $35,668. Bitcoin, like other cryptocurrencies, has lost 5-10% of its price as a bearish pattern has emerged in the market. But earlier in the week, the price was $37,531. The crypto-currency market has not broken its $30,000 to $40,000 cycle since the capital loss in April. Many professional investors advise aspiring players to take cryptocurrencies with a grain of salt.
bitcoin cryptocurrency market capital dangerous phase
Crypto-currency analysts like Rekt Capital suggest that the crypto-currency Bitcoin is going through a dangerous phase. The cryptocurrency’s price is at a dead stop where it needs to increase its capitalization to gain the upper hand. Rekt Capital estimates that the cryptocurrency would need to surge around $1,500 per day to avoid a total loss. Ethereum, the second most capitalized coin in the crypto currency market, is trading at $2,372. However, in less than 24 hours, Ether has lost more than 3.73% of its price.
Alternative cryptocurrencies are losing more value
While the decline in market capitalization of the two most expensive virtual currencies has been severe, altcoins have suffered more. Most altcoins have lost more than 5% of their value, which has caused a lot of discontent in the market. Among the top crypto-currencies, Uniswap fell 8%, followed by Binance Coin and Cardano with losses of 6.99%. The capital of the cryptocurrency market has also been unfavorable to Dogecoin and Internet Computer. This bearish sentiment affecting cryptocurrencies has not stopped since late March, when the biggest loss occurred. Bitcoin and other cryptocurrencies reached historic highs earlier this year before crashing. The liquidation of the crypto-currency market did not stop with this unpleasant loss. It seems that traders currently prefer to sell their chips at low prices while they still can, before the market collapses for good. However, some crypto-enthusiasts say that the decentralized market could recover from this decline. It’s clear that virtual currencies are in decline and that’s why there’s a massive sell-off, but it’s also exaggerated. Investors are also encouraged by the relentless regulation of cryptocurrencies to sell their assets. Although cryptocurrencies have been in a downtrend for almost a month, they could break it in the coming weeks. Many companies and even governments involved in cryptocurrencies are betting on its growth.A lot of people have been asking me to post a blog to list the crypto market cap dropping below $1.5 trillion, and I kept putting it off. I didn’t want to post anything until I had a really solid reason why the market cap was dropping so far, and moreover a reason why it would drop further. I wanted to have a story or two to go with the numbers to back up the numbers.. Read more about how big can crypto market cap get and let us know what you think.
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