After seven days of advances throughout the majority of the cryptocurrency space, prices are falling again, and the total market capitalization has fallen below the nearly hard-to-reach $1 trillion level for the first time in several days.
After seven days of advances throughout the majority of the cryptocurrency space, prices are falling again, and the total market capitalization has fallen below the nearly hard-to-reach $1 trillion level for the first time in several days.
CoinGecko, a popular cryptocurrency price tracker, estimates that the total cryptocurrency market is worth $994 billion as of the time of writing, based on the total value of all coins it tracks. It has fallen below $1 trillion for the first time since July 17.
According to the website, Ethereum (ETH) is the biggest loser among the top 10 coins by market capital, with a 10% decline in price over the past 24 hours to $1,366.
It's a sharp change from the previous week, when Ethereum was the leading gainer among major cryptocurrencies, presumably due in part to growing certainty regarding the timetable of the "merge."
The consolidation is an improvement that is anticipated to cut transaction fees for network users and potentially restrict the amount of ETH available.
In the past week, the value of Ethereum has decreased by 13 percent.
Losing its luster, Solana (SOL) fell 8% to a current price of $35 per coin, while Cardano (ADA) shed 6% to a current price of $0.45 per coin.
Bitcoin (BTC) hasn't experienced as significant of a decline today as it has over the past week, down roughly 5 percent to $20,928 per coin, but is still down approximately 7 percent on the week.
Based on the latest charts, DeFi tokens, which are utilized in non-custodial borrowing, lending, and trading apps, have experienced significant decreases over the previous day.
On Wednesday, the value of Lido DAO's token (LDO) has decreased by 17 percent to $1.30, while the value of Uniswap's token (UNI) has dropped by almost 14 percent to $6.25.
Popular gaming and metaverse tokens are also losing value today as well, with ApeCoin (APE) falling by 12 percent to $5.47, The Sandbox's SAND token retreating by 10 percent to $1.14, and Axie Infinity's AXS governance token shedding by approximately 8 percent to $14.50.
The crypto market is still recovering from a massive price meltdown that broke out in May in the face of bad macroeconomic conditions and the collapse of the Terra (LUNA) cryptocurrency and its linked UST stablecoin.
