The Crypto Market Cap Dropped Below 1 trillion, the total cryptocurrency market capitalization is at around $970 billion and continues to decrease as more and more altcoins are still struggling.
This follows brief moments of stability and even mild growth in the crypto-markets that created optimistic hopes of consistent uplift. Nevertheless, it seems that this optimism was rather premature, as the bears might still be holding their grounds concerning overall market direction.
Crypto’s market cap hit a nadir on Saturday and is now hovering at around $980 billion. The coveted $20,000 was not there for Bitcoin either, as altcoins also suffered.
Bitcoin is worth less than $20,000
The total crypto market cap was below a trillion USD and the BTC price fell below $20K.
It is surprising because many analysts expected Bitcoin to reach up to $30,000 following its breakthrough at $20,000 a few months back. Nevertheless, the markets seem to be still unprepared for such a leap and BTC will need to stabilize first at the current level before advancing forwards once again.
The past 24 hours ago, saw about $28 million worth of bitcoins liquidated, which is a negligible number considering the volatility has also died down. At this time, ETH futures traders seem to be a lot more prevalent.
Bitcoin is Bleeding Out other Cryptocurrency Prices
The drop in prices doesn’t seem to be linked to any major news or changes in the market within the last day. Rather, it appears that investors are selling their assets across the board, which is a common trend in bear markets. In such situations, confidence wanes, and investors tend to shy away from risks. Although certain cryptocurrencies like Ripple (XRP) have experienced brief surges, these gains are short-lived, with prices reverting to their overall downward trend.
The second-largest liquidation order had a face value of $1.55 million and took place on BitMEX. In total, about $4.41 million worth of ETH was liquidated on the two exchanges over the 24-hour period.
“ETH’s price decline led to a significant number of liquidations, said one analyst. “The largest single order accounted for nearly 2% of all ETH liquidations.”
According to another analyst, the majority of ETH liquidations occurred on the margin trading platform BitMEX. “BitMEX is responsible for over 60% of all ETH futures contracts traded,” they said.
The majority of the top 50 cryptocurrencies by market capitalization are in the red at press time. However, losses seem to be rather mild, with most digital assets down less than 3%. Nevertheless, some coins have seen more significant price declines.
Frequently Asked Questions
What is the lowest market cap for crypto?
The lowest market cap for cryptocurrency is currently less than 1 billion dollars, but it really depends on what you classify as “crypto.” With more than 2000 cryptocurrencies available, the space fluctuates too often to be able to give a definite answer.
What does a crypto’s market cap mean?
Market cap is short for market capitalization, and it’s the total dollar amount of coins in circulation multiplied by the price of one coin.
What is a good market cap for crypto?
As of now, the ultimate measure of a cryptocurrency’s worth is its market cap. A cryptocurrency with a high market cap that is falling will be more stable than one with a low market cap that has seen a sudden spike in its valuation.