Just Over $1 Trillion – Crypto Economy Value Plunges Below Last July’s Lows – Markets and Prices Bitcoin News
The $1.19 trillion crypto economy is now lower than the lows recorded in July 2021. Over the past week, digital currencies such as Bitcoin, Ethereum, Caradano, and XRP have all depreciated significantly against the US Dollar as the top cryptos shed anywhere from 50% to over 80% from their all-time highs.
How deep can the crypto economy go?
It hasn’t been a great week for crypto assets as the top 10 digital currencies are down between 4% and 15% over the past seven days. Bitcoin (BTC) is down 4.6% this week, while Ethereum (ETH) is down more than 14%.
BNB is down 9.7% this week and ADA is down just 0.7% over the past seven days. XRP is down 7.4%, SOL is down 11.6%, and the 10th-largest market cap Dogecoin (DOGE) is down 13.6% this week.
Currently, the crypto economy is valued at $1.19 trillion as it has lost 6.1% in the last day alone. This is below the July 2021 lows, when the market cap hit a low of $1.32 trillion that month. The last time the overall crypto economy was valued this low was the first week of February 2021.
At this point, on February 6, 2021, BTC was trading at $39,405 per unit, ETH was exchanging hands at $1,665 per unit, and XRP was trading at $0.43 per coin. Currently, these coin values are lower than they were in the first week of February.
Other top coins were worth less than they are today. For example, on February 6, 2021, Avalanche (AVAX) exchanged hands for $16.42. Today AVAX is trading at $20.04 per unit.
In February 2021 Solana (SOL) was priced at $6.05 per unit and is changing hands today for $33.84. Additionally, Terra (LUNA) was trading up 86% for $2.74 in the first week of February 2021, but today it’s only worth $0.00006805 per unit.
Currently, the Crypto Fear and Greed Index (CFGI) shows that “extreme fear” is in the air today as far as crypto sentiment is concerned. At the time of writing, the CFGI states that the “extreme anxiety” score is a “12,” compared to yesterday’s score of “13.”
Data from Google Trends (GT) shows that search interest for the term “bitcoin” has fallen by more than half globally since the search term peaked. GT data for the search term “cryptocurrency” is even worse as search interest has fallen to a fresh new low of 3 out of 100.
tags in this story
Avalanche, Bitcoin, Cardano, Crypto, Crypto Assets, Crypto Economics, Crypto Assets, Cryptocurrencies, Digital Currencies, Ethereum, Market Caps, Market Valuation, Solana, XRP
What do you think of the crypto economy falling below the lows recorded last summer? Let us know what you think about this topic in the comment section below.
Jamie Redman
Jamie Redman is the news director at Bitcoin.com News and a Florida-based financial technology journalist. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about today’s emerging disruptive protocols.
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