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The $1.19 trillion crypto economy is worth less than the lows recorded in July 2021. Within the last week, digital currencies such as bitcoin, ethereum, caladano, and xrp have lost significant value against the US dollar, as top cryptos have lost 50% to over 80% from their all-time high prices.
How low can the Crypto Economy go?
Not a great week for crypto assets as the top 10 digital currencies are down 4% to 15% over the past 7 days. Bitcoin (BTC) lost 4.6% of its value this week, while Ethereum (ETH) fell over 14%.
BNBfell 9.7% this week, whileADAhas lost only 0.7% over the past seven days. XRPis down 7.4%, SOL is down 11.6%, and Doji Coin (DOGE), the 10th largest by market cap, is down 13.6% this week.
Currently, the crypto economy is valued at $1.19 trillion, having lost 6.1% in the last day alone. This value is lower than the low recorded in July 2021, when the market capitalization hit a low of $1.32 trillion that month. The last time the entire crypto economy was valued this low was the first week of February 2021.
At that time on February 6, 2021,BTCwas trading at$39,405 per unit,ETHwas trading at $1,665 per unit,XRPXRPtraded at $0.43 per coin. These coin values are currently lower than the first week of February.
Other top coins were worth less than they are now. For example, avalanche (AVAX) traded at $16.42 on February 6, 2021. Today, AVAX trades at $20.04 per unit.
In February 2021, Solana (SOL) traded at $6.05 per unit and today trades at $33.84. Additionally, Terra (LUNA) was trading at $2.74 per unit in the first week of February 2021, up 86%, but worth only $0.00006805 per unit today.
Currently,the Crypto Fear and Greed Index (CFGI)indicates that “extreme fear” is in the air today as far as crypto sentiment is concerned. As of this writing, the CFGI indicates that the “extreme fear” score is “12” compared to yesterday’s score of “13.”
Google Trends (GT) datashows that search interest in the term “bitcoin” has dropped by more than half worldwide from the peak for this search term.58} GT data for the search term “cryptocurrency” is even worse GT data for “cryptocurrency” is even worse, with search interest hitting a low of 3 out of 100.
Image credits: Shutterstock, Pixabay, Wiki Commons
