Blood Bath: Global Crypto Market Capitalization Drops to US$886 Billion Within 24hrs

The new week barely started, and most coins in the cryptocurrency market find it difficult to maintain a positive price change since the past day. This has also caused a massive drop in the global valuation of the cryptocurrencies from the highly-celebrated US$1 trillion market capitalization. The drop was mostly caused by the declining value of Bitcoin (BTC), which holds a larger percentage of the market.

Bitcoin, Ether, Ripple, and Litecoin are Bleeding

From as high as US$40,000 early Sunday, the leading cryptocurrency Bitcoin dropped by more than 15 percent to US$33,000. The price of Bitcoin has declined even further to US$31,648 on Coinmarketcap at the time of writing. At that price, the cryptocurrency had a 24 hours price change of -18.40 percent. Also, the market capitalization of BTC has dropped from over US$700 billion to US$603 billion. 

Likewise, the second-largest cryptocurrency, Ether, has dropped from a four-digit priced digital currency to US$972, making a negative price change of 24.70 percent. The market capitalization of ETH also dropped to US$110 billion. Other popularly-traded coins like Ripple and Litecoin are trading at a dipping price of US$0.2677 and US$$122, respectively. Ripple currently has a market cap of $12 billion, and Litecoin has $8 billion.

Global Crypto Market Dips

The general cryptocurrency market valuation is down by 17.9 percent over the past day. From the previous valuation of around US$1 trillion, the entire crypto market is now worth lesser for US$886.75 billion, according to Coinmarketcap.

Many people see the current dips in the market as another buying opportunity to get Bitcoin and other cryptocurrencies cheaper. 

However, this might also be the start of a larger correction in the market. “It’s to be determined whether this is the start of a larger correction, but we have now seen this parabola break, so it might just be,” said Luno exchange official Vijay Ayyar.