On Monday morning, the overall Cryptocurrency market capitalization of all cryptocurrencies fell below $1 trillion, amidst a greater crypto market drop.
. The combined market capitalization of all cryptocurrencies fell to $969 billion on Monday, another signal of the upcoming crypto winter.
. The entire market valuation of all cryptocurrencies has dropped to levels not seen before February 2021, roughly 18 months ago. As a result, more than 12% drop in the last day during a wider market collapse.
. That’s a 200 percent decrease from its all-time high of roughly $3 trillion last November, when Bitcoin hit an all-time high of almost $69,000 during a market bull run.
. According to CoinMarketCap, Bitcoin fell below $24,000 today, and is now trading at $23,639, a decline of over 13% on the day and over 24% in the last week.
. The industry’s oldest cryptocurrency network, which previously had a market capitalization of $1.3 trillion, currently has a market capitalization of only $455 billion.
. The second-largest cryptocurrency in the world, Ethereum, has lost more than 16 percent of its value today, trading at $1,190, with a market worth of $147 billion.
Solana, Tron, Dogecoin and Avalanche are among some of the big cryptocurrencies that have suffered similar losses.
Cardano dropped by 10.9 percent to $0.522211, while Solana fell by 13.6 percent to $32.43. On Sunday morning, Dogecoin sank 12.8 percent to $0.066169, while Shiba Inu fell 13.4 percent to $0.00000886.
On Sunday, the prices of other digital currencies such as Avalanche, Polkadot, and Polygon all began to fall.
Since the middle of last week, when fears of rising inflation knocked both the stock and crypto markets lower, the crypto market has been in decline.
On Monday, crypto investors were handed another blow when crypto lending firm Celsius announced that it was freezing all withdrawals and transfers between accounts, citing the need to “stabilise liquidity.”
Since earlier this year, cryptocurrencies have been steadily declining, with everything from Bitcoin to Ether to Solana hitting or approaching its lowest levels of the year.
A market capitalization-weighted index, The MVIS CryptoCompare Digital Assets 100 Index, that analyses the performance of the top 100 tokens, fell 4.9 percent, bringing the year’s loss to nearly 50%.
Bitcoin, which makes up about half of the index, fell for the fourth day in a row. After the Terra blockchain collapsed, Ether, which accounts for around 18 percent of the market, crashed through a previous low recorded at the beginning of May. Popular DeFi tokens like Solana and Cardano have collapsed even further.
Investors are increasingly claiming that the market is in the midst of crypto winter, highlighting long periods of drops in the past.
While crypto prices have been falling since early November, when Bitcoin hit an all-time high, they have intensified following the collapse of the TerraUSD (UST) stablecoin and associated Luna cryptocurrency, which caused in market value losses in the tens of billions.
The market is also processing dire economic news, which has been particularly hard on tech companies, which many coins have demonstrated a link to. Inflation in the United States continues to rise, according to data released on Friday.
