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Constant decline in the crypto market that has been here for quite a long now has started showing results where the overall market cap has dropped lower than its lows in July last year.
The last seven days have not been any good for top cryptocurrencies in the crypto market where the top ten cryptocurrencies are down by 4% to 15%. Including Bitcoin (BTC) which has lost about 4.6% of its value this week whereas Ethereum (ETH) has seen a drop of almost 14% during the same time period. Further BNB native crypto of Binance has dropped by 9.7% along with Cardano’s ADA also saw loss of 0.7% during last week.
Meanwhile, XRP has also lost about 7.4%, Solana’s SOL token dropped by 11.6% and popular meme cryptocurrency and tenth largest cryptocurrency by market cap, Dogecoin’s DOGE has also dropped upto 13.6% during this week.
Currently, the overall crypto-economy has seen its value dropped by half of what its value at its all time high that accounts for about $1.19 trillion. The situation is this where the market has lost about 6.1% of its value during the last day only. The current value is even lower than what its value recorded in July month of last year which was around $1.32 trillion during the time.
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The current valuation of the crypto market is similar to what it was during the first week of February month of 2021. On 6th February 2021, bitcoin (BTC) was trading at about $39,405 while Ethereum (ETH) was at around $1,665 and XRP traded for around $0.43. Currently, these cryptocurrencies are valued lower than what it was during the initial weeks of February.
Several other coins were experiencing the trading price lower than their price at present. For example, Avalanche (AVAX) had been trading at $16.42 in February, 2021, while today it is trading at $20.04. In February 2021, Solana (SOL) was at around $6.05 whereas it is currently trading at $33.84.
The Crypto Fear and Greed Index is currently showing ‘extreme fear’ given today’s situations as far as cryptocurrency sentiments are concerned. Currently, the CFGI indicates a score of 12 that is considered as ‘extreme fear’.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
