Total Crypto Market Cap Drops Below $2.7 Trillion as Correction Continues
The cryptocurrency market has been underperforming over the past two weeks, with the prices of most coins down by over 10%.
Total Crypto Market Cap Dips by 10% from All-Time High
The cryptocurrency market has been in a bearish trend for the last two weeks, with most cryptocurrencies losing more than 10% of their values during that period. The total cryptocurrency market cap reached an all-time high of $3 trillion earlier this month.
The rally towards the $3 trillion mark came when Bitcoin and Ether touched new all-time highs above $69,000 and $4,800, respectively. However, since then, BTC and ETH have lost more than 10% of their values.
At press time, BTC is trading below the $57k level, down by more than $12,000 from its all-time high. ETH has been able to defend its price above the $4,200 level, down by more than 12% from its all-time high.
As a result of Bitcoin, Ether, and other leading cryptocurrencies losing some of their values, the total cryptocurrency market cap has been affected. At press time, the total cryptocurrency market cap stands at $2.67 trillion, down by more than 10% from the all-time high recorded two weeks ago.
Total Crypto Market Cap Could Rally Higher Soon
Despite the broader market looking bearish at the moment, the total market cap could rally higher over the coming days and weeks. In our recent report, we pointed out that Bitcoin’s fear and greed index is now at a neutral zone after spending the past few weeks in the negative region.
This indicator shows that investors and traders are starting to be optimistic about the market, and this could lead to the recovery of Bitcoin and other cryptocurrencies. A surge in the prices of BTC and other cryptocurrencies could result in the total market cap rising past the $3 trillion mark again.
Market experts are still optimistic Bitcoin’s price could soar higher over the next few weeks, and that could see the total cryptocurrency market cap reach an all-time high above $3 trillion.