Crypto Market Fall Below $1T, and BTC and Altcoins Dump by Double Digits

Written by C, Fiona

Last updated: 2022-06-14

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The market value of cryptocurrency has fallen below the enviable $1trillion mark, hitting its 18 month low. The adverse price trend in cryptocurrency has not yet ended, as bitcoin fell below $25000 to an 18 month low. Other currencies are also in free fall, and the prices of many of them have fallen by double digits. This led to a large-scale decline in the total market value of cryptocurrencies, which fell below $1trillion today.

Bitcoin Fell to an 18 Month Low

The US inflation news released last Friday (a record 8.6% month on month growth) started the decline of bitcoin, which initially fell from $30000 to $29000 within a few hours. However, in the next few days, what happened (and continued to happen) was significantly more intense. The free fall of bitcoin has intensified. The asset fell to US $27000 on Saturday and US $26000 on Sunday, resulting in more than US $500million liquidation for two consecutive days.

The latest price sell-off occurred a few hours ago, when BTC fell below $25000 and plummeted to an intraday low of $24500. This is the lowest price position of the cryptocurrency since december2020.

It fell by more than 10% on the same day, which means that its market value has reached below $500billion. The only positive news now is that BTC’s dominant position in altcoins has been maintained at a high level of more than 47% because they have been more affected.

The Bloodiness of Altcoin Street

Cryptocurrency Market Overview. Source: Quantify Crypto

As is often the case, when the BTC rushes south, so does the alternative coins. During the weekend, most of them were in a state of loss, but they plummeted every day.

Eth continues to see new lows. A week ago, it stood above $2000, but since then it has lost more than $700. The current transaction is far lower than that of ATH in 2018. A 15% daily decline has pushed the second largest cryptocurrency below $1300.

BNB fell 11% in one day to $230, while XRP (-10%) was just over $0.30. Cardano, Solana, Polkadot, dogecoin, Tron and Shiba Inu also saw double-digit declines. The losses of NEXO (-27%), fantom (-23%), curve Dao token (-21%), kava (-18%), stepn (-18%), waves (-17%), thorchain (-17%) and many other currencies are even more obvious.

Finally, the cumulative market value of all cryptocurrency assets fell below $1trillion for the first time in more than a year. In the past few days, the index has disappeared by $300billion.