The global cryptocurrency market capitalization fell below the $800 billion region for the first time in 691 days or since December 30, 2020. Bitcoin fell below the $16,000 region, falling by 5.12% in the last 24 hours, and the second top crypto asset Ethereum lost 7.61% on Monday, dropping below the $1,100 range.
Crypto Economy Loses Over 4% In Past Day, Bitcoin Falls Below $16,000, Ethereum Slips Below $1,100
Cryptocurrencies had a rough Monday, with the overall digital asset market capitalization down 4.37% over the past day. Additionally, the US dollar valuation of all existing crypto assets has fallen below the $800 billion zone, the lowest value seen since December 30, 2020.
As cryptocurrency trading volumes surged from $150 billion to $225 billion during the FTX market chaos, global trading volumes dropped significantly to $66.66 billion in trade volume over 24 hours on November 21, 2022. Bitcoin (BTC) fell to a low of $15,588 per unit on Monday below the $16,000 range and it currently sits at $15,721 per unit as of 3:30 p.m. (ET).
Ethereum (ETH) is trading at $1,091.14 per unit after losing 7.61% in USD value over the past 24 hours. Some of Monday’s biggest losers include near protocol (NEAR) down 12.6%, terra luna classic (LUC) lost 11.1% and solana (SOL) lost 10.7% in 24 hours.
Coins like huobi (HT), ethereumpow (ETHW) and apecoin (APE) saw gains today between 1.7% and 7.3% with HT leading the pack. Currently, BTC’s dominance among digital assets in the entire crypto-economy is 38.7% on Monday, while ETH’s dominance is 17.1%.
When it comes to global trade volume on Monday, tether (USDT) tops the pounds with $53.73 billion out of the $66.66 billion in global trade volume. Moreover, as the valuation of the crypto-economy declined on Monday, USDT’s dominance rose to 8.102%.
The market valuation of the Usd (USDC) coin is equivalent to 5.485% of the $786.27 billion worth of the crypto economy as of November 21, 2022. In addition to crypto assets, stock markets in the United States shuddered while all four major indices (NYSE, Nasdaq, Dow, S&P 500) were down for most of Monday’s trading sessions.
Precious metals were down on Monday with gold down 0.69% and silver down 0.48%. Platinum was up 0.41% against the greenback, but palladium fell 3.74% during today’s New York spot price note. At 4:15 p.m. (ET) on Monday, the price of BTC managed to climb to $15,900, while the value of ETH managed to rally above the $1,100 area.
What do you think of the crypto economy falling below the $800 billion mark? Let us know what you think about this topic in the comments section below.
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