Crypto Market Lost $1.1 Trillion in 77 Days

  • Crypto market lost more than 2 trillion from its all-time high of 3 trillion.
  • Bitcoin fell to an 18 months low of $20,842.

The Cryptocurrency market fell below $1 trillion and lost more than 70% of its value for the first time since last November. Now the crypto market holds $890 billion from an all-time high of  $2.9 trillion and within 77 days the market lost $1.1 trillion.

According to CoinMarketCap (CMC), in the morning the total market was over $896 billion but still its going down at the time of writing the market cap was $890 billion.

Market cap of total cryptocurrency (Source – CoinMarketCap)

Whole crypto market started facing a cold war in April-Mid and major cryptocurrencies Bitcoin, Ethereum lost more than half of their values. Result of this all the crypto currencies are facing downtrend and the Terra and its stable coin USD lost more than 98% of the values.

Bearish movement in Crypto market 

King of the cryptocurrency Bitcoin which held 44% of the market share, attracted investors’ interest in the pandemic period and hit an all time high of over $68,000 in November 2021. BTC bloom was the main reason for the market to reach $2.9 trillion.

Most dominance cryptocurrencies (Source – CoinMarketCap)

April-mid cold season of bitcoin triggered the market down, bitcoin lost over 69% of the value and falling to an 18 months low of $20,842. Second largest cryptocurrency Ethereum (ETH) which held more than 15% of the market share lost more than 77% of the value from its all-time high of $4891, and now ETH traded at $1094.

Due to macroeconomic challenges and rising interest rates, investors are pulling out of the riskiest assets but it gets even worse now. Bitcoin and Ether continue battering in the ring, and the crypto community is hardly trying to recover the market. As a result of this largest whale acquiring BTC continues and many countries started accepting cryptocurrency under the regulation acts.

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A journalism graduate who is passionate about writing loves to dance and travel currently starts exploring blockchain technology.