Total market capitalization for cryptocurrencycryptocurrency has dropped by more than $40 billion since Saturday.

It now stands at approximately $222 billion, according to CoinMarketCap. And while cryptocrypto traders and holders remain in dire straits, some might take comfort in knowing that the market has recovered somewhat since earlier this morning.

Bitcoin
BTC
+11.30%$94,676.14
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BTC price

During the early hours, the global crypto market cap dropped today to as low as $219 billion. It has since regained about $2 billion in a relatively short period. Some crypto assets have also shown marginal gains since this morning. But while Bitcoin climbed up to around $7,800 within the last few hours, it’s now back to trading at a low of $7,700 for the day.

Ethereum and Ripple (XRP) have also each fallen by about 15 percent, and are currently trading for roughly $195 and $0.20 per coin, respectively.

Ethereum
ETH
+11.81%$1,791.77
24H7D1M1YMAX
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ETH price

Today’s market meltdown can be attributed to a two-fold crisis: global panic surrounding the spread of the coronavirus, and an all-out price war over oil between Russia and OPEC. The Putin-led nation has refused to reduce its oil output, resulting in the commodity dropping by as much as 30 percent, according to Business Insider. Oil is now selling for about $32 a barrel.

Ethereum is the second biggest coin by market cap. Image: Shutterstock.

Market nose-dive drops Ethereum below $200

Ethereum, the crypto market’s second-most capitalized cryptocurrency, today dropped by nearly 10 percent, falling below the $200 per coin mark for the first time in over a month. At the moment, ETH is trading for around $195 per token. It marks the first significant drop in Ethereum’s price since a bull run earlier this year saw its price rise from as low as $120 per coin to nearly $290. Bitcoin down 10% as brutal weekend sinks the market It’s been a rough day for traders and investors globally...

NewsMarkets
2 min read
Nicholas Marinoff

The Dow Jones Industrial Average has likewise taken a nasty tumble in one of the worst trading days since the financial crisis of 2008. The Dow dropped by 1,600 points earlier this morning and has now slid further: It’s currently down by more than 2,000 points for the day.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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