Just over 1 trillion dollars – the value of the crypto-economy falls lower than the lowest levels recorded in July last year – markets and prices Bitcoin news

The $ 1.19 trillion cryptocurrency is now lower in value than the lowest levels recorded in July 2021. Over the past week, digital currencies such as bitcoin, ethereum, caradano and xrp have lost significant value against the US dollar, as the best The cryptocurrencies have lost 50% to more than 80% from their record high prices.

How low can the crypto economy go?

It has not been a big week for cryptocurrencies, as the top ten digital currencies have fallen between 4% and 15% over the last seven days. Bitcoin (BTC) has lost 4.6% in value this week, while ethereum (ETH) has fallen by more than 14%.

GDP is down 9.7% this week and the ADA has only fallen by 0.7% over the last seven days. XRP has lost 7.4%, SOL has fallen by 11.6%, and the tenth largest market capitalization dogecoin (DOGE) has fallen by 13.6% this week.

The crypto-economy is currently valued at $ 1.19 trillion as it has lost 6.1% in the last day alone. This value is lower than the lowest levels recorded in July 2021, when the market value reached a low of 1.32 trillion dollars that month. The last time the entire crypto economy was valued so low was the first week in February 2021.

At that time, February 6, 2021, BTC was trading at $ 39,405 per unit, ETH was trading hands at $ 1,665 per unit, and XRP was trading at $ 0.43 per coin. At present, these coin values ​​are lower than they were in the first week of February.

Other top coins had a lower value than they are today. For example, avalanche (AVAX) traded hands for $ 16.42 on February 6, 2021. Today, AVAX trades for $ 20.04 per unit.

In February 2021, solana (SOL) was $ 6.05 per unit, and today it changes hands for $ 33.84. Also, terra (LUNA) traded for $ 2.74 up 86% during the first week of February 2021, but today it is only worth $ 0.00006805 per unit.

At the moment, the Crypto Fear and Greed Index (CFGI) shows that “extreme fear” is in the air today, when it comes to crypto sentiment. At the time of writing, CFGI indicates that “extreme fear” score is “12” compared to yesterday’s score of “13.”

Google Trends (GT) data shows that search interest for the term “bitcoin” has fallen worldwide by more than half since the top of the keyword. GT data for the keyword “cryptocurrency” is even worse, as search interest has reached a new low of 3 out of 100.

What do you think about the crypto economy falling lower than the lows recorded last summer? Tell us what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is a news editor at Bitcoin.com News and a financial engineering journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols that are emerging today.