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The market valuation for cryptocurrencies has fallen below $800 billion

Since nearly all digital assets are once again in the negative, the market valuation for cryptocurrencies has fallen below $800 billion.

After staying put for several days, bitcoin started to decline and hit a weekly low of less than $16,000.

The situation for alternative currency isn’t much better, with ETH falling below $1,100 for the first time in ten days.

Bitcoin Continues to Fall

After the FTX collapse-related volatility of the previous week, bitcoin had stabilized and was trading at approximately $17,000 for many days. The asset even made several unsuccessful attempts to lower that level.

After the final denial on Friday, BTC’s price remained unchanged for two whole days, fluctuating at $16,600. The market was once again under the hands of the bears over the past 24 hours, though, and the situation has altered.

The main cryptocurrency was driven south, and for the first time in more than a week, it fell below $16,000. The asset is currently trading again around that level, but its market cap is agonizingly near to falling below $300 billion. The only bright spot is that most altcoins have continued to lose market share, increasing BTC’s market share to 38.7%.

The most recent price drops coincide with predictions that if the current bear market cycle is any indication, bitcoin might drop as low as $9,500.

Cryptocurrency Market Overview. Source: Quantify Crypto

Alternative currency, as was already mentioned, are currently in far worse shape than bitcoin. Following allegations that the FTX drainer, who may be the Bahamas’ securities regulator, started moving the assets, Ethereum, which had fallen from over $1,200 to roughly $1,100 as of present, is the cryptocurrency that is currently leading the negative trend.

In the last day, Binance Coin has lost 5% of its value and is now struggling to stay below $260. With losses of up to 9%, Ripple, Cardano, Dogecoin, Polygon, Polkadot, and Shiba Inu are all in the red as well.

It’s understandable why the total market cap of all crypto assets has fallen below $800 billion when several altcoins, like Algorand, CHZ, and NEAR, are devaluing by double digits. It follows that the metric has lost more than $40 billion every day.

Written by Newsway

NewsWay reporters are Media employees of the newsway.com.ng vested with the responsibilities of getting informative data from verifiable sources and publishing same undistorted on behalf of the NEWS WAY INFO-TECH which is a parent company that birthed the NewsWay blog.

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