In the midst of a downward trend in the majority of the cryptocurrency industry, the market has experienced a significant decrease of over $20 billion in its total market capitalization within a week. This decline has shattered hopes of a prompt recovery to the $2 trillion mark and instead raised concerns that the market could dip below $1 trillion.
According to the latest data obtained by Finbold from CoinMarketCap, the current cryptocurrency market cap stands at $1.14 trillion.
This indicates a decline of $21.22 billion or 1.82% compared to the previous week when the market cap reached $1.16 trillion. Notably, a significant portion of this decline, amounting to $12.88 billion, occurred within the last 24 hours. Consequently, the total crypto market cap is approaching the feared $1 trillion level, which it surpassed back in early March.
Leading the downward trend is Bitcoin (BTC), the prominent cryptocurrency in the industry. Its price has experienced a 1.01% drop in the past day and a 1.6% decline over the previous week. Currently, Bitcoin is valued at $27,676, and there are indications of further decreases as the Bitcoin network displays signs of contraction.