Total Crypto Market Cap Falls Below $1 Trillion For The First Time Since February 2021

2 years ago

Summary:

Crypto tokens proceed to bleed arsenic marketplace uncertainty persists.
Market leaders Bitcoin and Ethereum dipped implicit 15% connected Monday.
BTC is down much than 6% successful the past 24 hours and trades beneath $23,000.
Technical expert MagicPoopCannon predicted a limb down for BTC to the $20K oregon $22K level.

Another hard week for the satellite of virtual assets arsenic the full cryptocurrency marketplace headdress slipped beneath $1 trillion connected Tuesday. Data from on-chain aggregator CoinMarketCap showed that the full currency presently circulating crossed crypto tokens sits nether $950 cardinal astatine property time.

The past clip crypto’s marketplace headdress reached these levels was astir 16 months ago, backmost successful February 2021.

Total Crypto Market Cap Falls Below $1 Trillion For The First Time Since February 2021 1

Crypto Leaders Bitcoin And Ethereum Dip To Levels Not Seen Since 2022/2021

Crypto’s starring token Bitcoin took a immense deed connected Monday amid a wide marketplace slump. BTC dropped by astir 20% successful a azygous day, going arsenic debased arsenic $21,800 connected immoderate exchanges. The apical crypto token is besides down connected Tuesday by implicit 7% and trades astir $21,900 astatine property time.

As EWN antecedently reported successful May, method expert MagicPoopCannon (MPC) predicted a limb down to these levels. MPC cited macro enactment indicators astir the $20,000 to $22,000 regions arsenic the ground for their terms prediction.

#BTC is falling beneath the 61.8% moving mean of the full bull market, successful what whitethorn beryllium the opening of the adjacent large limb lower. I bash spot a method lawsuit for a accelerated diminution to $22,000 oregon $20,000, earlier caller enactment is found, if a limb down gains steam. pic.twitter.com/1Q5Zm8krZz

— MAGIC (@MagicPoopCannon) May 26, 2022

Bitcoin’s plunge beneath $24,000 besides broke done the expected realized terms level highlighted by Dylan LeClair, Head of Market Research astatine Bitcoin Magazine. The past clip BTC dipped arsenic acold arsenic $21K was backmost successful December 2020, astir 2 years ago.

Notably, LeClair pointed retired that hitting these debased levels could bespeak that a bottommost is successful oregon close.

Here is simply a standardized ratio betwixt marketplace terms and realized terms (market worth to realized worth – MVRV).

24k would beryllium successful the greenish zone.

Again, dips to/below realized terms person historically signaled a capitulation benignant carnivore marketplace bottommost is successful (or close).

[2/3] pic.twitter.com/8EizHYPBi3

— Dylan LeClair 🟠 (@DylanLeClair_) May 9, 2022

Similarly, the starring altcoin Ethereum besides slumped importantly beneath $1200 contempt anticipation surrounding The Merge. ETH presently exchanges hands astatine $1,194 aft a flimsy betterment since Monday’s 15% dip. Ethereum dropped arsenic debased arsenic $1,080 for the archetypal clip since January 2021. Per information from TradingView.