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

Summary:

  • Crypto tokens continue to bleed as market unpredictability continues.
  • Market leaders Bitcoin and Ethereum dipped over 15% on Monday.
  • BTC is down more than 6% in the last 24 hours and trades listed below $23,000
  • Technical expert MagicPoopCannon anticipated a leg down for BTC to the $20 K or $22 K level.

Another challenging week for the world of virtual possessions as the overall cryptocurrency market cap slipped listed below $1 trillion on Tuesday. Information from on-chain aggregator CoinMarketCap revealed that the overall money presently distributing throughout crypto tokens sits under $950 billion at press time.

The last time crypto’s market cap reached these levels was around 16 months back, back in February 2021.

Total Crypto Market Cap Falls Below $1 Trillion For The First Time Since February 2021 16
Total Crypto Market Cap (Source: CoinMarketCap)

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

Crypto’s leading token Bitcoin took a substantial hit on Monday amidst a basic market downturn. BTC stopped by practically 20% in a single day, going as low as $21,800 on some exchanges. The leading crypto token is likewise down on Tuesday by over 7% and trades around $21,900 at press time.

As EWN formerly reported in May, technical expert MagicPoopCannon (MPC) anticipated a leg down to these levels. MPC mentioned macro assistance signs around the $20,000 to $22,000 areas as the basis for their rate forecast.

#BTC is falling listed below the 61.8% moving average of the whole booming market, in what might be the start of the next significant leg lower. I do see a technical case for a quick decrease to $22,000 or $20,000, prior to brand-new assistance is discovered, if a leg down acquires steam. pic.twitter.com/1Q5Zm8krZz

— MAGIC (@MagicPoopCannon) May 26, 2022

Bitcoin’s plunge listed below $24,000 likewise broke through the expected understood rate level highlighted by Dylan LeClair, Head of Market Research at Bitcoin Magazine. The last time BTC dipped as far as $21 K was back in December 2020, practically 2 years earlier.

Notably, LeClair mentioned that striking these low levels might suggest that a bottom remains in or close.

Here is a standardized ratio in between market value and understood cost (market price to understood worth– MVRV).

24 k would remain in the green zone.

Again, dips to/below understood rate have actually traditionally indicated a capitulation design bearish market bottom remains in (or close).

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

— Dylan LeClair (@DylanLeClair_) May 9, 2022

Similarly, the leading altcoin Ethereum likewise dropped considerably listed below $1200 regardless of anticipation surrounding The Merge. ETH presently exchanges hands at $1,194 after a minor healing considering that Monday’s 15% dip. Ethereum dropped as low as $1,080 for the very first time given that January2021 Per information from TradingView.

Total Crypto Market Cap Falls Below $1 Trillion For The First Time Since February 2021 17
ETH Daily Chart (Source: TradingView)

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