The global cryptocurrency market capitalization has dropped below the $800 billion region for the first time in 691 days or since December 30, 2020. Bitcoin has dipped below the $16K region dropping 5.12% over the past 24 hours, and the second leading crypto asset ethereum shed 7.61% on Monday, dropping below the $1,100 range.
Crypto Economy Sheds More Than 4% over the last day, Bitcoin Drops Below $16K, Ethereum Slips Below $1,100
Cryptocurrencies had a rough Monday as the entire digital asset market capitalization saw a 4.37% decrease over the last day. Furthermore, the U.S. dollar valuation of all the crypto assets in existence fell below the $800 billion zone, the lowest value seen since December 30, 2020.
The last time the crypto economy was below the $800 billion zone was on December 30, 2022. On that day, the global market capitalization of all the crypto assets in existence was approximately $760.73 billion.
While cryptocurrency trade volumes rose to $150 to $225 billion during the FTX market mayhem, global trade volumes dropped greatly down to $66.66 billion in 24-hour trade volume on November 21, 2022. Bitcoin (BTC) dropped to a low of $15,588 per unit on Monday under the $16K range and it’s currently coasting along at $15,721 per unit at 3:30 p.m. (ET).
BTC/USD via Bitstamp on Nov. 21, 2022.
Ethereum (ETH) is trading for $1,091.14 per unit after losing 7.61% in USD value during the last 24 hours. Some of the biggest losers on Monday include near protocol (NEAR) down 12.6%, terra luna classic (LUNC) lost 11.1%, and solana (SOL) shed 10.7% in 24 hours.
ETH/USD via Bitstamp on Nov. 21, 2022.
Coins like huobi (HT), ethereumpow (ETHW) and apecoin (APE) saw gains today between 1.7% to 7.3% with HT leading the pack. Presently, BTC’s dominance among the entire crypto economy’s digital assets is 38.7% on Monday, while ETH’s dominance is 17.1%.
Regarding the global trade volume on Monday, tether (USDT) dominates the books with $53.73 billion of the $66.66 billion in worldwide trade volume. Furthermore, as the crypto economy’s valuation shrank on Monday, USDT’s dominance increased to 8.102%.
Usd coin’s (USDC) market valuation equates to 5.485% of the $786.27 billion crypto economy value on Nov. 21, 2022. In addition to crypto assets, equity markets in the U.S. shuddered as all four major indexes (NYSE, Nasdaq, Dow, S&P 500) were down for most of Monday’s trading sessions.
Precious metals were down on Monday as well as gold slid 0.69% and silver dropped by 0.48%. Platinum happened to increase by 0.41% against the greenback, but palladium dropped by 3.74% during today’s New York spot prices note. By 4:15 p.m. (ET) on Monday, BTC’s price managed to climb to $15,900, while ETH’s value managed to jump back above the $1,100 zone.
What do you think about the crypto economy dropping below the $800 billion range? Let us know what you think about this subject in the comments section below.
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Author: Jamie Redman