Crypto market drops below $1 trillion as Bitcoin, Ethereum and Solana drop
by Arthur · July 26, 2022
In short
- The cryptocurrency market has lost nearly 6% of its value today, with the total market capitalization below $1 trillion.
- Ethereum is down nearly 10% today after a week of strong gains, with Solana and Polygon among other notable coins in the red.
After a week of gains across much of the cryptocurrency market, prices are falling again – and the total market capitalization has fallen below $1 trillion for the first time in days. Ethereum, Bitcoinand other top coins lose some of their recent gains.
As of this writing, the total cryptocurrency market is worth $994 billion based on the combined value of all coins tracked by CoinGecko, a popular crypto price tracker. It’s down nearly 6% on the day, marking the first drop below $1 trillion since July 17.
Ethereum (ETH) is the biggest loser among the top 10 coins by market cap, per the site, falling 10% in the past 24 hours to a current price of $1,366.
That’s a strong reversal from last week, when Ethereum was biggest winner among top coinsapparently partly due to increasing security over the time of “the merger”, an upgrade that is expected to reduce transaction costs for network users and potentially reduce the available supply of ETH.
Ethereum has now shed 13% of its value over the past seven days.
Solana (SOL) is down nearly 8% at a current price of $35 per coin, while Cardano (ADA) has lost 6% of its value today to $0.45 per coin. Bitcoin (BTC) hasn’t seen as much of a drop today, falling nearly 5% to a price of $20,928 per coin, but it’s down approx. 7% a week.
Outside of the top 10 coins, DeFi tokens – the kind used in non-custodial lending, lending and trading apps –is sees serious declines last day, which Decrypt covered earlier this morning. Lido DAO‘s token (LDO) has lost 17% of its value today at a current price of $1.30, while Uniswap‘s token (UNI) has fallen over 14% to a price of $6.25.
Remarkable gameplay and metaverse tokens also loses price features today, with ApeCoin (APE) down 12% to $5.47, The sandboxThe SAND token loses 9% to $1.14, and Axie Infinity‘s AXS governance token down about 8% to $14.63. And MATIC, the original token of Ethereum side chain Polygonhas fallen in value almost 11% today to a current price of $0.73.
The crypto market is still raging a major market crash which began in May amid poor macroeconomic conditions in other financial markets, plus collapse of Terra (LUNA) cryptocurrency and its paired UST stablecoin.
Many coins have fallen sharply in recent months and are enjoying all-time high prices – Bitcoin is down almost 70% from its peak, with Ethereum for example at 72%. Both highs were set in November last year, when the general crypto market shorted touched 3 trillion dollars for the first time ever.
