Global Crypto Market Cap Dropped Over 4.5% in a Day

• Bitcoin (BTC) returned to the $21K price range.
• Ethereum (ETH) price dropped over 4% in the last 24 hours.

After six weeks of bullish, the overall cryptocurrency market is slightly down. At the time of writing, the global crypto market has a market cap of $1.05 trillion, which decreased by over 4.5% in the last 24 hours and 49% from the previous year.  

Crypto Market Current Status

The upward peak in the market has not stayed a bit longer as February beings with a decline and new scandals in the crypto industry. The crypto king Bitcoin (BTC) once again rejected its $24K price range and returned to the $21K price level. 

According to CoinGecko, BTC dropped around 7% in a week and 4% in a day to trade at $21,756. Still, Bitcoin price is up by 25% in the last 30 days and holds market dominance by 40%. Additionally, the prominent coin has a 24-hour trading volume of $50 billion, which increased by 10%. 

On the other hand, the most significant altcoin Ethereum (ETH) price declined by 6% in the last 24 hours and traded at $1,538. ETH is trading at the same price level, which has been high since November 2022. At the time of writing, the second-largest cryptocurrency dropped over 7% from the previous week and has a market dominance of 17.5%. Also, it has a 24-hour trading volume of $11 billion. 

Also, leading altcoins such as Binance coin BNB, Ripple’s XRP, Cardano (ADA), Plygon (MATIC), and memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) trading with red in their chart. 

Further, a new challenge has arrived for the crypto community. The U.S Securities and Exchange Commission (SEC) intends to prohibit crypto-staking activities that are based on blockchains like Ethereum. While today SEC charged the cryptocurrency exchange Kraken.