Total Crypto Market Cap Falls Below $1 Trillion For The First Time Since February 2021

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Abstract:

Crypto tokens proceed to bleed as market uncertainty persists.
Market leaders Bitcoin and Ethereum dipped over 15% on Monday.
BTC is down greater than 6% within the final 24 hours and trades under $23,000.
Technical analyst MagicPoopCannon predicted a leg down for BTC to the $20K or $22K stage.

One other troublesome week for the world of digital property as the whole cryptocurrency market cap slipped under $1 trillion on Tuesday. Knowledge from on-chain aggregator CoinMarketCap confirmed that the whole money at the moment circulating throughout crypto tokens sits beneath $950 billion at press time.

The final time crypto’s market cap reached these ranges was round 16 months in the past, again in February 2021.

Total Crypto Market Cap Falls Below $1 Trillion For The First Time Since February 2021 16 — Complete Crypto Market Cap (Supply: CoinMarketCap)

Crypto Leaders Bitcoin And Ethereum Dip To Ranges Not Seen Since 2022/2021

Crypto’s main token Bitcoin took an enormous hit on Monday amid a common market droop. BTC dropped by nearly 20% in a single day, going as little as $21,800 on some exchanges. The highest crypto token can be down on Tuesday by over 7% and trades round $21,900 at press time.

As EWN beforehand reported in Might, technical analyst MagicPoopCannon (MPC) predicted a leg down to those ranges. MPC cited macro help indicators across the $20,000 to $22,000 areas as the premise for his or her worth prediction.

#BTC is falling under the 61.8% shifting common of all the bull market, in what will be the starting of the subsequent main leg decrease. I do see a technical case for a speedy decline to $22,000 or $20,000, earlier than new help is discovered, if a leg down features steam. pic.twitter.com/1Q5Zm8krZz

— MAGIC (@MagicPoopCannon) May 26, 2022

Bitcoin’s plunge under $24,000 additionally broke by way of the supposed realized worth stage highlighted by Dylan LeClair, Head of Market Analysis at Bitcoin Journal. The final time BTC dipped so far as $21K was again in December 2020, nearly 2 years in the past.

Notably, LeClair identified that hitting these low ranges may point out {that a} backside is in or shut.

Here’s a standardized ratio between market worth and realized worth (market worth to realized worth – MVRV).

24k could be within the inexperienced zone.

Once more, dips to/under realized worth have traditionally signaled a capitulation fashion bear market backside is in (or shut).

[2/3] pic.twitter.com/8EizHYPBi3

— Dylan LeClair 🟠 (@DylanLeClair_) May 9, 2022

Equally, the main altcoin Ethereum additionally slumped considerably under $1200 regardless of anticipation surrounding The Merge. ETH at the moment exchanges fingers at $1,194 after a slight restoration since Monday’s 15% dip. Ethereum dropped as little as $1,080 for the primary time since January 2021. Per knowledge from TradingView.