Crypto Market Cap Falls To $1 Trillion Following Bitcoin
August 22 2022 - 10:09AM
NEWSBTC
The 2022 bearish trend is still pushing many crypto prices below
expected marks. The market also spiked a few times amid the raging
crypto winter in the last few months. But the pullbacks have
persisted and continue to overthrow the short-lived rallies. Apart
from companies closing up shops, downsizing staff, and declaring
bankruptcy, investors have lost millions this 2022. Moreover, the
continuing downward trend in crypto prices has caused billions of
losses to the general crypto market capitalization. Related
Reading: XRP Signals Considerable Uptick – Will Social Media Lift
Its Price Past $0.34? At the peak of the crypto winter, the overall
market cap fell below $1 trillion, causing massive panic in the
crypto community. Thankfully, it rallied to $1 trillion and later
surpassed it. But now, it seems the trend has started moving
downwards once again. Crypto Market Tanks Following Bitcoin The
crypto market cap pushes the lower limit towards a fall below $1
trillion. This is not surprising given that Bitcoin’s price is
again falling towards $21K. As of press time on August 21, BTC is
trading at $21,320, showing a 1.35% loss from the August 20 price.
This price level represents a 14% loss in Bitcoin price this past
week. As a result, the total crypto market cap is falling towards a
level it has already surpassed. Analysts are wondering if the cap
will hold firm at that level. Apart from the bitcoin price collapse
these few days, other indicators of its value seem positive. For
instance, Bitcoin market dominance has increased by 0.5%. The
market dominance metric is used to gauge how Bitcoin and other
altcoins perform. Therefore, the slight increase in BTC dominance
level shows that bitcoin is faring better than others. This shows
that things are not smooth for the general crypto market. Of
course, this new week might be favorable or unfavorable, given that
Bitcoin lost 14% in the past week. But even at its losses, BTC’s
price is better than many altcoins. Altcoins Record Massive Losses
Ethereum and some of the altcoins lost some price values. ETH lost
3.90% in 24 hours. Altcoins such as UNI, SOL, LINK, DOT, AVAX,
etc., have lost nearly 5% in 24 hours. Amongst all losses, since
August 20, Celsius Network’s CEL took the lead by spiraling down by
21%. Others such as ETC and STEPN’s GMT also lost at least 6%.
Unfortunately, these losses negatively affect the overall market
cap as it pushes towards $1 trillion. Featured image from Pixabay,
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