Image default

FTX Collapse Leaves Total Crypto Market Cap Under $800B, Close to 2022 Low

Facebook iconLinkedin iconTwitter iconCrypto market capitalization by month (TradingView)

Total crypto market capitalization, by month. (TradingView)

Facebook iconLinkedin iconTwitter icon

With investor confidence in cryptocurrencies ebbing as a result of the collapse of Sam Bankman-Fried’s FTX exchange, the total market capitalization of digital assets has fallen this month below $800 billion, a level not seen since early 2021, according to data from TradingView.

The latest wave of turmoil in digital-asset markets shaved some $183 billion from the industry market cap. The figure dropped to $736 billion on Nov. 9, the lowest since January 2021.

The decline came as the FTX drama sent prices for bitcoin and other cryptocurrencies into a fresh tailspin. Bitcoin (BTC), the largest cryptocurrency, fell 22% during the seven days through Nov. 13, its worst weekly performance in five months.

Bitcoin now makes up $319 billion worth of the entire cryptocurrency market’s capitalization. At the peak of the bull market about a year ago, when bitcoin reached its all-time high around $69,000, its market value was north of $1 trillion.

The entire crypto market capitalization hit the $3 trillion mark then but has been declining since.

The price of bitcoin is down 5% over the last seven days and has been trading in a range of $15,000-$17,000.

During previous market crashes the total market cap of the cryptocurrencies also lost considerable ground. In July 2021, total market cap fell to $1.1 trillion after reaching highs of $2.5 trillion in May that year.

CoinDesk - Unknown

The crypto market capitalization lost momentum in July last year (Trading View)

Trending1CDCROP: The HASH Podcast GraphicCoinDesk Podcast NetworkHeadlines: Top Stories of the Week 11-14-22Nov 19, 20222(Saffu/Unsplash)Layer 2Understanding the FTX Fallout From the Eyes of a BitcoinerNov 19, 20223(Brooks Kraft/Getty Images, modified by CoinDesk)The Breakdown, With NLWThe State of Play in Fed Commentary and the Crypto ContagionNov 19, 20224Markets Daily Podcast CoverMarkets Daily Crypto RoundupWeekend Story: Let’s Actually Commit to Proof of Reserves This Time, Okay?Nov 19, 2022


Related posts

Bitcoin: es poco probable que registre una recuperación notable tras el short squeeze del jueves

Blake Goodwin

DeFi Protocol Voltz Could Bring 150% Interest Rate on Ether Deposits

Blake Goodwin

Bitcoin se recupera tras intervención del Banco de Inglaterra en el mercado de bonos

Blake Goodwin

Leave a Comment