Crypto market cap falls below $1 trillion as rout continues

Once an almost $3 trillion market cap back in mid-November of last year, the current crypto market cap has just fallen under $1trillion. Bitcoin is leading the way, but alts are getting slaughtered.

The down trend in the crypto market is definitely picking up steam as the entire market cap of crypto assets falls below $1 trillion, only 6 short months after making a high of over $2.8 trillion in November last year.

According to Coinmarketcap, the total cryptocurrency market cap is currently sat at $968 billion, although on Coingecko, the market cap is just about to go below $1 trillion at time of going to press.

Bitcoin is fighting to hold support at around a level of $24k, but should it break it, then 20k and under beckons for the number one cryptocurrency.

Ethereum, the second biggest crypto by market cap, is also having a torrid time. Fears that the switch to proof-of-stake later this year might not be successful, or that it could be delayed, is having an ongoing effect, as is the recent issue with the difference in value between staked and ordinary ethereum.

At time of writing ETH has crashed to just below $1,200. There is further support, plus the 78.6 fibonacci, at around $1,100. Below that, the next major support is located at around $730.

For a lot of the major alts it is also a bloodbath. Polygon (MATIC), the ethereum layer 2, is down nearly 17% on the day, and is currently showing a price of 0.41 cents. A last line in the sand can be found at around $0.38 cents.

Solana, one of the biggest layer 1 competitors to ethereum, is having its own meltdown, and is currently trading at $26.50. It has its own last line in the sand at about $19.

However, the biggest losses in the crypto market over the last few days have to be Celsius, the customer-focused crypto yield and lending platform. 

The company paused transfers and all other activity early this morning. The price is currently down another 48% on the day. This equates to a 95% loss in the CEL token over the last 4 months and will make it very difficult for the company to recover.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.