According to data from CoinMarketCap, the total market value of all cryptocurrencies dropped to $969 billion on Monday. This is another sign that the crypto winter is coming.
The recent drop of more than 12 percent, which happened during a wider market crash, has pushed the value of all cryptocurrencies to a level that hasn’t been seen since February 2021, which is about 18 months ago.
That is a drop of about 200 percent from its all-time high of over $3 trillion last November, when the market was going up and Bitcoin reached nearly $69,000, which was its all-time high.
At the time of writing, all of the top 40 cryptocurrencies on CoinMarketCap were in the red (except for stablecoins), and several had lost more than 10% in the last 24 hours.
According to CoinMarketCap, Bitcoin (BTC) fell below $24,000 today and is now trading at $23,639. This is a drop of more than 13% for the day and more than 24% for the week.
CoinMarketCap says that the market value of the oldest cryptocurrency network, which was once worth $1.3 trillion, is now only $455 billion.
Ethereum, the second-largest cryptocurrency in the world, has lost more than 16 percent of its value today. It is currently trading at $1,190 and is worth $147 billion on the market.
Big cryptocurrencies like Solana, Dogecoin, Tron, and Avalanche are also going down in value.
Since the middle of last week, when worries about rising inflation drove down both the stock market and the cryptocurrency market, the cryptocurrency market has been going down.
On Monday, the cryptocurrency lending site Celsius said that all withdrawals and transfers between accounts would be frozen because “liquidity” needed to be “stabilized.”
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