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Crypto’s Total Market Cap Slips Below $1 Trillion as Bitcoin Drops Under $24,000

Amid a wider crypto market rout, the total market capitalization of all cryptocurrencies dropped below $1 trillion on Monday morning.

2 min read
Crypto crash. Image: Shutterstock

In another sign of the fast approaching crypto winter, the combined market capitalization of all cryptocurrencies crashed to $969 billion on Monday, data from CoinMarketCap shows.

The plunge of more than 12% over the last day amid a wider market rout has taken the total market cap of all cryptocurrencies to levels not seen since February 2021, nearly 18 months ago.

That's a drop of around 200% from its all-time high of approximately $3 trillion last November, during a market bull run that saw Bitcoin reach an all-time high of almost $69,000.

At the time of writing, the top 40 cryptocurrencies on CoinMarketCap were in the red (excluding stablecoins), with many posting double-digit losses in the last 24 hours.

Bitcoin (BTC) dropped below $24,000 today, and is currently trading at $23,639, per CoinMarketCap; a drop of over 13% on the day and over 24% in the past week.

The industry’s oldest cryptocurrency network, which once boasted a market cap of $1.3 trillion, is now valued at a modest $455 billion, per CoinMarketCap.

Ethereum, the world’s second-largest cryptocurrency, lost more than 16% in value over the day and is now trading at $1,190, while its market cap has dropped to $147 billion.

Other major cryptocurrencies, including Solana, Dogecoin, Tron, and Avalanche, are suffering similar losses.

The crypto market has been in a downturn since the middle of the last week, when fears of rising inflation drove both the stock and crypto markets down.

Crypto investors suffered another blow on Monday, when crypto lending platform Celsius—citing the need to “stabilize liquidity”—said it was freezing all withdrawals and transfers between accounts.

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