The entire cryptocurrency market seems to have lost steam as it experienced a sharp decline in the past few days.
The cryptocurrency total market capitalization, that is the combined values of all cryptocurrencies plunged to $852 billion from a $1 trillion high level it was sitting on earlier this year. With these statistics, it implies that the crypto markets have suffered a loss a whopping $145 billion.
The reason for this recent loss is tied directly to the fall in the price of the largest crypto Bitcoin, and it’s second in command Ethereum.
Bitcoin dropped to as low as $29,112 on Thursday, about -16% decline, after hitting $40k earlier this year. With this fall, Bitcoin’s 2021 gain is almost wiped out, dropping below %1.
Ethereum is not excluded the price slide. The price of the second largest crypto by market cap Ethereum fell by 20% on Thursday.
Ethereum which reached an all-time high of$1,448.18 on Tuesday after growing by %14, is now selling between $1,198.29 and $1,260.04.
The current price of bitcoin is $31,799.99, declining by 0.18% in the last 24 hours. Bitcoin has a current market cap of $591.69B and market volume of $82.41B. In the last 24 hours, bitcoin has dropped to $28,845.31 and experienced a $32,770.67 high. Currently, 18,607,293.75 bitcoins are in circulation.
Stats and Image from Coin Desk
And it’s not just BTC and ETC. Other market losers include Polkadot (-14%), XRP (-16%), Cardano (-22%), Litecoin (-15%), Bitcoin Cash (-19%), Chainlink (-18%), and Binance Coin (-11%).