Total Crypto Market Cap Falls Below $1 Trillion For The First Time Since February 2021

Abstract:

  • Crypto tokens proceed to bleed as market uncertainty persists.
  • Market leaders Bitcoin and Ethereum dipped over 15% on Monday.
  • BTC is down greater than 6% within the final 24 hours and trades beneath $23,000.
  • Technical analyst MagicPoopCannon predicted a leg down for BTC to the $20K or $22K stage. 

One other tough week for the world of digital property as the overall cryptocurrency market cap slipped beneath $1 trillion on Tuesday. Knowledge from on-chain aggregator CoinMarketCap confirmed that the overall money at present circulating throughout crypto tokens sits underneath $950 billion at press time. 

The final time crypto’s market cap reached these ranges was round 16 months in the past, again in February 2021.

Total Crypto Market Cap Falls Below $1 Trillion For The First Time Since February 2021 16
Complete Crypto Market Cap (Supply: CoinMarketCap)

Crypto Leaders Bitcoin And Ethereum Dip To Ranges Not Seen Since 2022/2021

Crypto’s main token Bitcoin took an enormous hit on Monday amid a basic market hunch. BTC dropped by virtually 20% in a single day, going as little as $21,800 on some exchanges. The highest crypto token can be down on Tuesday by over 7% and trades round $21,900 at press time.

As EWN beforehand reported in Could, technical analyst MagicPoopCannon (MPC) predicted a leg down to those ranges. MPC cited macro help indicators across the $20,000 to $22,000 areas as the idea for his or her value prediction.

Bitcoin’s plunge beneath $24,000 additionally broke via the supposed realized value stage highlighted by Dylan LeClair, Head of Market Analysis at Bitcoin Journal. The final time BTC dipped so far as $21K was again in December 2020, virtually 2 years in the past.

Notably, LeClair identified that hitting these low ranges may point out {that a} backside is in or shut. 

Equally, the main altcoin Ethereum additionally slumped considerably beneath $1200 regardless of anticipation surrounding The Merge. ETH at present exchanges palms at $1,194 after a slight restoration since Monday’s 15% dip. Ethereum dropped as little as $1,080 for the primary time since January 2021. Per knowledge from TradingView. 

Total Crypto Market Cap Falls Below $1 Trillion For The First Time Since February 2021 17
ETH Each day Chart (Supply: TradingView)

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