Global Crypto Market Value Falls to $1.11T Following Extreme Fear

• BNB is down 14% this week, whereas ADA is down 7% during the same period.
• According to the CFGI, the “extreme fear” score is now a “12.”

There is currently less value in the $1.11 trillion crypto-economy compared to what it was worth in July 2021. In the previous week, versus the US dollar, digital currencies, including Bitcoin, Ethereum, Cardano, and XRP, have lost between 50 percent and more than 80 percent of their all-time price highs, according to CoinMarketCap.

According to CMC, the ten most popular digital currencies have lost between 4 percent and 15 percent of their value in the previous seven days. Ethereum (ETH) and Bitcoin (BTC) have lost more than 14 percent of their value in the last week.

Dramatic Loss of Altcoins Prices

BNB is down 14% this week, whereas ADA is down 7% during the same period. In the last seven days, XRP is down 11%, SOL is down 16%, and Dogecoin (DOGE), the tenth-largest market cap, is down 19%. The current worth of the crypto economy is $1.11 trillion, down 6.5 percent in the last 24 hours. A price this low for the whole crypto economy was last seen in the first week of February 2021.

Bitcoin traded for $39.405 per unit on February 6, 2021, ETH was selling for $1.665 per unit, and XRP was trading at $0.43. The value of these coins is now lower than it was in the first week of February. Other prestigious coins had a lesser worth then than they do now. On February 6, 2021, avalanche (AVAX) traded at $16.42 per share. AVAX is now selling at $18.04 per share.

Solana (SOL) was $6.05 in February 2021 and is now selling for $33.84. A recent Crypto Fear and Greed Index (CFGI) report indicates that “extreme fear” is pervading the cryptocurrency market today. According to the CFGI, the “extreme fear” score is now a “12,” compared to the previous day’s “13.”