The current crypto market valuation has recently gone under $1 trillion, down from approximately $3 trillion in mid-November last year. Bitcoin is the market leader, while altcoins are being murdered.
The crypto market’s downtrend is gaining traction as the total market capitalization of crypto assets falls below $1 trillion, only six months after reaching a peak of over $2.8 trillion in November of last year.
The overall cryptocurrency market cap is presently sitting at $968 billion, according to Coinmarketcap. However, the market cap on Coingecko is just about to drop below $1 trillion when going to press.
Bitcoin is trying to keep support around $24,000, but if it falls below that level, 20k and down awaits the world’s most valuable cryptocurrency.
Ethereum, the second-largest cryptocurrency by market capitalization, is also having a difficult time. Fears that the migration to proof-of-stake later this year may fail or be delayed, as well as the current issue with the value differential between staked and conventional ethereum, are continuing to have an impact.
At the time of writing, ETH has fallen below $1,200. Around $1,100, there is further support and the 78.6 Fibonacci. The next big support level is about $730 below that.
It’s also a massacre for a lot of the larger alts. Polygon (MATIC), the ethereum layer 2 coin, is presently trading at 0.41 cents, down roughly 17%. At roughly 0.38 cents, a last line in the sand can be found.
Solana, one of ethereum’s main layer 1 rivals, is in the midst of its crash, trading at $26.50 at the time of writing. At around $19, it has its final line in the sand.
Celsius, the customer-focused crypto income and lending platform, have seen the greatest losses over the previous several days in the crypto market.
Early this morning, the business halted all transfers and other operations. The price has dropped another 48 percent in the last 24 hours. The CEL token has lost 95% of its value in the previous four months, making it extremely difficult for the firm to recover.