The combined market capitalization of all cryptocurrencies fell to $969 billion on Monday, data from CoinMarketCap showed, in another sign of a swiftly approaching crypto winter.
A drop of more than 12% in the last day amid a broad market trajectory has taken the total market cap of all cryptocurrencies to levels not seen since February 2021, nearly 18 months ago.
This is a nearly 200% drop from its all-time high of nearly $3 trillion last November, during a market bull run that saw bitcoin hit an all-time high of nearly $69,000.
At the time of writing, the top 40 cryptocurrencies on CoinMarketCap were in the red (except stable coins), with multiple double-digit losses in the last 24 hours.
Bitcoin (BTC) fell below $24,000 today, and is currently trading at $23,639, per CoinMarketCap; A drop of over 13% on the day and over 24% in the last week.
The industry’s oldest cryptocurrency network, which once boasted a market cap of $1.3 trillion, is now valued at $455 billion per CoinMarketCap.
EthereumThe world’s second largest cryptocurrency, down more than 16% in value during the day, is now trading at $1,190, while its market cap has dropped to $147 billion.
Other major cryptocurrencies, including solana, dogecoin, tronAnd Avalanchesuffering similar losses.
The cryptocurrency market has been bearish since the middle of last week, when fears of rising inflation weighed down the stock and crypto markets.
Crypto investors suffered another setback on Monday when crypto lending platform Celsius said it was halting all withdrawals and transfers between accounts, citing the need to “stabilize liquidity”.
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