The global cryptocurrency market capitalization has dropped below the $800 billion region for the first time in 691 days or since December 30, 2020. Bitcoin has dipped below the $16K region dropping 5.12% over the past 24 hours, and the second leading crypto asset ethereum shed 7.61% on Monday, dropping below the $1,100 range.
Crypto Economy Sheds Over 4% Over the Past Day, Bitcoin Plunges Below $16K, Ethereum Slips Below $1,100
Cryptocurrencies had a bad day on Monday as the entire digital asset market capitalization saw a decrease of 4.37% on the last day. Furthermore, the US dollar valuation of all crypto assets in existence fell below the $800 billion region, the lowest value seen since December 30, 2020.
While cryptocurrency trade volumes rose to $150 to $225 billion during the FTX market mayhem, global trade volumes dropped greatly down to $66.66 billion in 24-hour trade volume on November 21, 2022. Bitcoin (BTC) dropped to a low of $15,588 per unit on Monday under the $16K range and it’s currently coasting along at $15,721 per unit at 3:30 p.m. (ET).
Ethereum (ETH) is trading at $1,091.14 per unit after a 7.61% drop in USD value during the past 24-hours. Some of Monday’s biggest losers include Near Protocol (NEAR), down 12.6%, Terra Luna Classic (LUNC), down 11.1%, and Solana (SOL), down 10.7% over 24 hours.
Coins like huobi (HT), ethereumpow (ETHW) and apecoin (APE) saw gains today between 1.7% to 7.3% with HT leading the pack. Presently, BTC’s dominance among the entire crypto economy’s digital assets is 38.7% on Monday, while ETH’s dominance is 17.1%.
With respect to global trading volume on Monday, Tether (USDT) dominated the books with $53.73 billion of the $66.66 billion in worldwide trading volume. Furthermore, as the valuation of the crypto economy shrunk on Monday, USDT dominance increased to 8.102%.
Usd coin’s (USDC) market valuation equates to 5.485% of the $786.27 billion crypto economy value on Nov. 21, 2022. In addition to crypto assets, equity markets in the U.S. shuddered as all four major indexes (NYSE, Nasdaq, Dow, S&P 500) were down for most of Monday’s trading sessions.
Gold fell by 0.69% and silver by 0.48% on Monday as precious metals declined. Platinum gained 0.41% against the greenback, but palladium declined 3.74% during today’s New York spot price note. As of 4:15 PM (ET) on Monday, BTC price managed to climb up to $15,900, while ETH price managed to jump above the $1,100 area.
