After a 10% drop, the total market capitalization of all cryptocurrencies is now less than $1 trillion.
At the start of trading on Monday, there was panic on cryptocurrency markets after alarming news that withdrawals had been stopped at Celsius and Binance. The value of all cryptoassets on the market has dropped to almost $960 billion, which is the lowest level in 18 months.
The whole market for digital assets saw huge sell-offs over the weekend. This was made worse by the fact that the market has been less volatile in recent weeks, and almost every top 50 cryptocurrency was in the red.
Bitcoin (BTC) and ether (ETH) have both lost 25% and 38% of their value in the last week. At the moment, BTC is traded for $23,700, which is a price that hasn’t been seen since December 2020, when the price of BTC began to rise quickly toward $50,000.
On the other hand, one ETH is worth less than $1,200 at the moment. Due to nervousness in the markets, Lido’s staked ETH derivative (stETH) fell well below par. As of 8 a.m. E.T., stETH is trading at an all-time low of 0.9342 ETH per unit.
Even though there are rumors that the banking platform Celsius will go bankrupt, the governance tokens for the lending platform Aave (AAVE) and the BoredApe ecosystem (APE) fell the most over the past week, by 49 percent and 47 percent, respectively, among the top 50 tokens.
Elrond, Avalanche, and NEAR, which are all alternative layer-1 cryptocurrencies, all fell by between 47 and 45%. Even without stablecoins and wrapped assets, the top 50 fell by an average of 34%.
During the terrible events of the past week, native tokens for crypto exchanges once again did better than the market. LEO is the only one of the top 50 coins on Bitfinex that is in the green. It gained 8%.
In the last seven days, FTX and Huobi’s (FTT and HT) products did the second and third best out of the top 50, with respective drops of 10% and 28%.
Due to the fact that altcoins are much heavier than BTC, the leading cryptocurrency’s dominance went up by more than 2%. BTC now makes up 47.9% of the entire cryptocurrency market, while ETH has lost more than 15% of its market share and is now at its lowest level since April 2021, at around 15%.
As traders look for stability in tokens that are tied to the dollar, Tether (USDT) and Circle’s USD Coin (USDC) now make up 7.7 percent and 5.9 percent, respectively, of the cryptocurrency market.
When a lot of USDT comes in, it means that either fiat currency is being redeemed or loans are being paid back. In a blog post published on Monday, the company tried to reduce its risk by saying that any problems Celsius might be having had “no effect on our reserves.”
Crypto equities have also been hurt by the devaluations across the whole sector. MicroStrategy, which is owned by Michael Saylor and has more than $3.1 billion in Bitcoin, is down a shocking 25% in pre-market trading on Monday and is likely to reach its lows from May 12.
BitcoinTreasuries says that MicroStrategy is about 20% underwater on their BTC purchases right now.
The cryptocurrency exchange Coinbase is expected to start the day 18% lower than it ended the day before. The mining company Marathon Digital is expecting a 16% drop.
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