Market Cap Back At $1T After Bitcoin Lost 14% Weekly (Market Watch)
The total cryptocurrency market cap is getting closer to breaking below the coveted $1 trillion level as BTC lost about 14% over the past week.
The cryptocurrency market is going through a rough patch, with the last few days seeing billions wiped off its total capitalization. Bitcoin has pulled below $21K once again.
All in all, the market cap is closing in on $1 trillion once again, and it’s interesting to see if the coveted level will hold.
Bitcoin Retracing Below $21,000
At the time of this writing, the leading cryptocurrency has once again pulled back below $21,000 and is charting a decline of 2.2% in the past 24 hours alone.
Over the past day, Bitcoin’s dominance – the metric that’s most commonly used to gauge the cryptocurrency’s share relative to that of the entire market – increased by almost 0.5%. This means that over this period, BTC performed better than altcoins.
However, the entire market is looking particularly shaky at the moment. With this week’s uncertain opening, the total losses for Bitcoin over the past week amount to about 14%.
Altcoins Underperform, ETH Approaching $1.5K
As mentioned above, Bitcoin performed better than the rest of the market and this is evident in the price of the major altcoins.
As seen in the table above, Ethereum is down 3.5% in the past 24 hours, while SOL, DOT, AVAX, LINK, UNI, and others, are down almost 5%.
The cryptocurrency that lost the most in the past day is Celsius Network’s CEL token – down 21%, followed by STEPN’s GMT and ETC, which are down about 6.5%.
On the other hand, EOS seems to be the best performer, up 4.8% on the day and about 13.4% on the week.