During the last period of 2021, the crypto market started to fall randomly. Top coins like Bitcoin, Ethereum, and Dogecoin have decreased in price day by day. Last November was the peak point of the crypto market. When Bitcoin touches its price of $69,000. The total market capitalization was then $3 trillion. That was the peak moment of the global market cap. After November last year, all cryptocurrencies have been suffering from a great downtrend.
The original cryptocurrency, Bitcoin, has a massive market cap in comparison to other currencies. About 47.25% market cap is dominated by Bitcoin. This coin’s fall is a great tragic condition for the crypto market. Bitcoin’s market capitalization has crashed under a never seen phase.
Overview Of Market Cap 2021 :
The initial stage of the market cap during 2021 was favorable for investors. By the middle of 2021, Bitcoin was trading at $32,000. The same year in April, this coin doubled its price in the market. As November 2021 was the peak point of the crypto market, Bitcoin ran at $69,000. Only this time the global market cap was $3 trillion. Which is more than the GDP of a country! But later within 8 months, this peak market fell to $1 trillion. It has lost $2 trillion over time. This amount was less than the GDP of countries like Canada, and Brazil.
Bitcoin Downfall And The Disappointing Market Cap :
After this fall, all currencies suffered to regain their support level. Bitcoin fell under $20,000. Which was not more than a shocking period for the investors. Initially, it has been dropped to $25,000. Later the price became tragic. Over the weekend, Bitcoin dropped 20%. The market cap of Bitcoin was then lower than $500 billion.
The second top coin, Ethereum, faced its worst phase during this downfall. Ethereum was suffering from a holding period of $13,000. Its market cap dragged lower to $160 billion.
Overall, the top two coins fell around 70%. Which consequences in a bear market till now. Though the selling tendency is indicating the upcoming bullish sentiment.
Upward Tendency This Year :
In June, this year, the BTC price increased by more than $20,000. On the other hand, coins like Ethereum, Cardano, and Dogecoin have increased by 8%. The upward movement of Bitcoin affects the other currencies’ prices as well. Though, the coins are still down 25% to 30% in comparison to the last couple of weeks.
Downfall Of Market Cap :
Furthermore, the global crypto market or market cap has fallen by $369 within the last month. After a $3 trillion market cap last November, the market fell by $1 trillion. But this was not the oy barrier. This year, the market cap has downtrend by $878 billion from $1.247 trillion. Bitcoin’s market fall is interrelated with this massive loss.
While Bitcoin was trading under $20,000 in June this year. It is suffering to regain its value and succeeded to trade between $22,000 to $23,000. At the time of writing this article, Bitcoin is running at $22,642.80. Which is at a 20% downtrend. The 52-week low of Bitcoin is $17,601.58 and the high is $68,990.90. The total supply is 19.10 million and the maximum supply is around $21.00 million. The current volume of BTC is $661.42 million. The market cap of this top coin is running at $433.46 billion.
Recent data of the global market cap is $983.72 billion. As 47.25% of the global market cap is captured by Bitcoin, the Global market cap is as falling as the currency itself. Besides, Ethereum and other coins are similarly impacting the market. But being the original currency in the market, Bitcoin’s crashed capitalization affected unfavourably to the global market.