Bearish Bitcoin Market Pulls Total Crypto Space Market Cap Down To $ 2 Trillion From High Of $ 3 Trillion In November | Currency News | Financial and business news
A bear market in bitcoin, ether and other altcoins took the total market cap of cryptocurrencies to around $ 2,000 billion on Thursday, according to data from CoinMarketCap.
This is a significant drop from its recent high of around $ 3 trillion in mid-November, when bitcoin peaked at around $ 69,000. Since then, the world’s most popular cryptocurrency has plunged 38%, its selling accelerating this week after minutes from the Federal Reserve hinted that interest rate hikes could come sooner than expected. .
Bitcoin’s sale on Wednesday wiped out around $ 60 billion in market value, with the cryptocurrency losing a total value of $ 500 billion since its peak in November. Meanwhile, Ether has lost about $ 50 billion in market value on this week’s sale and has seen its total market cap drop by about $ 170 billion since its peak.
Some investors expect the crypto sell-off to be short-lived despite breaking various support levels. Crypto bull Mike Novogratz expects bitcoin to find a bottom of around $ 38,000 as institutions step in and buy, which is an additional downside of around 12% from current levels.
But bitcoin and ether aren’t the only tokens behind the decline in the total market value of cryptocurrencies. More than 25 cryptocurrencies with a market value of at least $ 1 billion have wiped out 10% or more of their market value in the past week.
Top-flight Solana has fallen 9% in the past day and is down 42% from her all-time high. Meanwhile, Cardano is around 60% below its all-time high, while Polkadot is down around 51% from its peak. If investors maintain their risky attitude towards speculative assets due to a Fed tightening, the decline in cryptocurrencies could continue.