Crypto market update: Total cryptocurrency market cap falls below $2trn

Bitcoin and Ethereum tumble by 5% and 6% respectively while market cap falls below $2trn

The cryptocurrency market took a sizeable hit at the start of the week as the momentum that has propelled it for the past two months continued to evaporate. 

The capitalisation of the total market stood more than 7% below its level 24 hours previous, falling from $2.15trn to $1.96trn (£1.43trn). Total trading volume stood at $102.3bn. 

Bitcoin suffered a 5.1% drop to $45,102, having reached a near-two-week high of $48,826 over the weekend. The world’s first and largest cryptocurrency’s market capitalisation stood 6.4% lower at $848.5bn, while trading volume jumped 12.6% to $31.6bn. 

Ethereum, the second-largest, saw its trading volume rise by 21.8% to $18.1bn, while its market capitalisation slumped 8.1% to $371.5bn. Down 6.3% in the past 24 hours, ether traded at $3,154.

Of the other prominent cryptocurrencies XRP, Chainlink and Compound suffered some of the largest declines, falling by 9.3%, 8.3% and 7.5%, respectively. 

Cardano, which recently underwent the successful Alonzo hard fork enabling smart contracts, traded 10.4% lower at $2.14. With a capitalisation of $68.6bn, the cryptocurrency could lose its recently-won position as the third-largest crypto to the stablecoin Tether (USDT), whose market cap stood at $68.2bn. 

Biggest Gainer

Across the wider cryptoasset space, Aqua Pig enjoyed the largest gain, jumping by 1093% to $0.000000000021. The token for a decentralised community aimed at producing NFTs and making charity donations more efficient still trades more than 50% below the $0.000000000056 all-time high it reached in May before its developer and major whales jumped ship.

Biggest Loser

Lucky1Token proved to have the least luck across the entire market, falling by 95.4% to $0.000002634.

The two-day old community driven blockchain project token’s trading volume has jumped by almost 1,300% to $322,811. 

Further reading: Natural gas dips after latest multi-year high

Further reading: Crypto market update: Cryptocurrency market cap continues to tick upwards

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