After a week of green, cryptocurrency markets are bleeding again. They are once again falling back to the billions. After a week of gains in cryptocurrency markets, prices have fallen again. The overall market cap fell below $1 trillion for several days. Ethereum and Bitcoin lose some of their gains.
Based on the total value of all the coins tracked by coinGecko (a popular price tracker for crypto), the global cryptocurrency market is valued at $994 billion as of the writing of this article. The cryptocurrency market is down almost 6% over the day. This marks the first decrease below $1 trillion since July 17.
Ethereum (ETH), the largest loser among the top 10 coins according to market capital, has dropped 10% in the last 24 hours to $1,366.
This is a sharp reversal of last week’s Ethereum performance. Ethereum was the biggest gainer of top coins. This may be because of increasing certainty about the timing of “merge,” an upgrade which is expected to lower transaction costs and possibly decrease the supply of Ethereum.
Ethereum lost 13% in the past seven days.
Solana is down almost 8% at a price of $35 per coin. Cardano has lost 6% today at $0.45 per coins. Bitcoin (BTC), which dropped almost 5% to $20,928 per coin today, is down around 7% over the week.
DeFi tokens, which are used in non-custodial borrowing and lending, and trading apps, are experiencing significant declines. Decrypt reported earlier this morning. Lido DAO has seen 17% decline in its token (LDO), while Uniswap has seen a drop of over 14% to $6.25.
Notable gaming and metaverse tokens are also experiencing a loss of price traction today. ApeCoin (APE), down 12% at $5.47, Sandbox losing 9% to $1.14 and Axie infinity’s AXS governance token down about 8%, to $14.63 MATIC, which is the native token for Ethereum sidechain Polygon has fallen in value by nearly 11% at a price of $0.73.
The crypto market is still recovering from a major crash which began in May amid poor macroeconomic circumstances in other financial markets and the collapse in Terra (LUNA), cryptocurrency, and its paired UST stabilitycoin.
Many coins have seen a sharp decline in value over the past months. Bitcoin is now down almost 70% from its peak and Ethereum is at 72%. These highs were reached last November when the global crypto market briefly touched the $3 trillion mark.