Crypto market update: Crypto market continues to tread water
Total cryptoasset market cap briefly falls below $2trn after dip triggered by El Salavador
The cryptocurrency market continued to tread water on Monday, almost a week on from the dip triggered by El Salvador’s turbulent adoption of Bitcoin as legal tender and the SEC’s threat to sue Coinbase if it launched its Lend lending service.
The total capitalisation of the cryptocurrency market briefly fell to $1.94trn around midday, before rebounding to $2.03trn (£1.47trn). This stood around $300bn below its level seven days earlier.
Bitcoin traded down by 2.2% at $44,942, down 12.6% in the past week. The market capitalisation of the world’s first and largest cryptocurrency stood 2.5% lower at $845.3bn, while trading volume enjoyed a 3.3% rise to $31.9bn.
Ethereum traded down 16.6% in the past week and down 5.5% in the past 24 hours to $3,244. The second-largest cryptocurrency’s market cap fell by 5.6% to $381.2bn, while trading volume stood 5% lower at $17.6bn.
Among the other leading cryptos, Chainlink and Bitcoin Cash suffered the largest declines, falling by 9% and 5.9%, respectively.
In the wider cryptoasset market, Gala (GALA) was able to buck the trend and experience the largest gain. The token of Gala Games, a project aimed at developing mass-market blockchain games, traded up by 170% at $0.05684. Earlier on in the day, the 11-month old token reached an all-time high of $0.07462.
IDEX suffered the largest decline, falling by 22.7% to $0.51021. With a market capitalisation of $301.7m, the cryptocurrency operating on the Ethereum blockchain has fallen by 50% since the $1.01 all-time high reached last Thursday.