Fall of Bitcoin drags crypto-economy below $2 trillion

The fall of bitcoin below the $40k price mark has also dragged the crypto-economy below $2 trillion. Today the flagship currency dropped to a price of $38,250 per unit. With this fall, the market cap of the crypto-economy has plunged by 7.5% to $1.94 trillion.

Flagship currency which seems to be holding the $40k price level in previous days has dropped below this level. It seems that bears have entered once again in the market and they have plans to keep the flagship currency as low as they can. Today, the fall of bitcoin was to 38,250 level. BTC had the same value 122 days ago. BTC has seen a loss of 21% over the last month and today it lost almost 8%.

Fall of Bitcoin drags crypto-economy:

If we look at the last 24h price range of BTC, it has been hovering in between $43,508 and $38,250. The flagship currency has a market cap of $735 billion as of today which is 38% of the total crypto market. With the fall of Bitcoin, the remaining market felt its aftershocks. The crypto economy plunged below $2 trillion. The second-largest crypto asset, ethereum (ETH), is down 9.1% over the last 24 hours and 29.1% during the last month. ETH’s 24-hour price range has been between $3,271 and $2,809 per unit.

Fall of Bitcoin

While ETH’s dominance is 17.7% it represents $340.9 billion out of the $1.94 trillion crypto economy. The most dominant trading pairs with ETH on Friday include USDT (48.83%), USD (22.75%), BUSD (9.34%), BTC (6.07%), EUR (4.38%), and KRW (3.32%).  according to the data from CoinMarketCap.

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About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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