The $1.19 trillion crypto economic system is now decrease in worth than the lows recorded in July 2021. Throughout the final week, digital currencies like bitcoin, ethereum, caradano, and xrp, have shed vital worth in opposition to the U.S. greenback, as the prime cryptos have misplaced 50% to greater than 80% from their all-time value highs.
How Low Can the Crypto Economic system Go?
It hasn’t been an ideal week for crypto property, as the prime ten digital currencies are down between 4% to fifteen% throughout the final seven days. Bitcoin (BTC) has misplaced 4.6% in worth this week, whereas ethereum (ETH) has dropped by greater than 14%.
BNB is down 9.7% this week and ADA has solely dropped by 0.7% throughout the previous seven days. XRP has misplaced 7.4%, SOL dipped by 11.6%, and the tenth-largest market cap dogecoin (DOGE) has dropped by 13.6% this week.
Presently, the crypto economic system is valued at $1.19 trillion because it has misplaced 6.1% throughout the final day alone. This worth is decrease than the lows recorded in July 2021, when the market cap tapped a low of $1.32 trillion that month. The final time the total crypto-economy was valued this low, was the first week of February 2021.
At the moment on February 6, 2021, BTC was trading for $39,405 per unit, ETH exchanged arms for $1,665 per unit, and XRP traded for $0.43 per coin. Presently, these coin values are decrease than they had been throughout the first week of February.
Different prime cash had been decrease in worth than they’re right this moment. As an illustration, avalanche (AVAX) exchanged arms for $16.42 on February 6, 2021. Right this moment, AVAX is buying and selling for $20.04 per unit.
In February 2021, solana (SOL) was $6.05 per unit and right this moment it’s altering arms for $33.84. Furthermore, terra (LUNA) was buying and selling for $2.74 up 86% throughout the first week of February 2021, however right this moment it’s only price $0.00006805 per unit.
At the moment, the Crypto Fear and Greed Index (CFGI) exhibits “excessive worry” is in the air right this moment, so far as crypto sentiment is anxious. At the time of writing, the CFGI signifies the “excessive worry” rating is a “12” in comparison with yesterday’s rating of “13.”
Google Trends (GT) data exhibits search curiosity for the time period “bitcoin” has dropped worldwide by greater than half since the search time period’s peak. GT information for the search time period “cryptocurrency” is even worse, as search curiosity has lagged to a recent new low of three out of 100.
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