AS the market capitalization of all digital assets reaches zero, Bitcoin, Ethereum, and other popular cryptocurrencies plummet.
According to Coinmarketcap.com, the worldwide crypto market cap was $1.37 trillion today, down 12.92 percent from the previous day.
Selloffs in bitcoin and Ethereum, among other cryptocurrencies, sparked the decrease in crypto market price.
The top 20 currencies were all in the red. Both bitcoin and Ethereum have lost more than 21% in the last seven days, prompting a new bloodbath in the market under global uncertainty.
As of Monday late afternoon, most major digital assets were trending downward, with Bitcoin (BTC), the largest cryptocurrency by market capitalization, trading around its lowest intraday price levels since July.
Bitcoin was currently trading at $30,215, down 12% in the last 24 hours, 35% since the beginning of the year, and 55% since it hit an all-time high of nearly $68,800 on November 10.
The largest digital asset dominance ended the day at 42.00 percent, up 0.61 percent from the previous day. According to data from CoinMarketCap, trading volume was $49.19 billion, up 33%.
According to SkyBridge founder Anthony Scaramucci, Bitcoin notably crashed by 73% in 2018 before recovering the following year. The world’s largest cryptocurrency fell to 58 percent in 2014. If previous cycles are any indication, the price of Bitcoin could bottom out near $18,000.
On Monday, the majority of the digital assets on the CoinDesk 20 list lost double digits. Terra (LUNA), the sixth-largest digital asset, was the worst loser of the day, falling about 30%. The second-, fourth-, and seventh-largest digital assets, Ethereum (ETHUSD), XRP (XRPUSD), and Solana (SOLUSD), all fell by more than 10%, 13%, and 14%, respectively.
CoinGecko data also revealed that the overall market capitalization of the cryptocurrency industry has dropped by 12% in the last 24 hours to $1.37 trillion. The entire crypto market volume for the last 24 hours was $160.02 billion, representing a 55.65% rise.
However, the overall volume in DeFi is currently $17.12 billion, accounting for 10.70 percent of the total 24-hour activity in the crypto market.
The overall volume of all stable coins is now $143.28 billion, accounting for 89.54 percent of the total 24-hour volume of the crypto market. El Salvador purchased the dip once more. El Salvador’s president, Nayib Bukele, said today through Twitter that the country has purchased 500 Bitcoin at an average price of $30,744.
This is the cheapest Bitcoin the country has ever purchased. El Salvador has now purchased 2,301 Bitcoins, valued roughly $72 million at current prices, making it the country’s highest single purchase of the top crypto asset.
El Salvador has been buying Bitcoin since its price began to tumble from all-time highs in the fall of 2021, putting the country’s crypto position underwater.
The country’s latest Bitcoin purchase came in January of last year, when it purchased 410 BTC at an average price of $36,585. In December, it made two small transactions totaling roughly $49,000 apiece. It paid little over $54,000 for 100 BTC in November.
It bought 420 Bitcoin at an average price of $58,800 in October, and it bought BTC four times in September at values ranging from $43,000 to $47,000.
