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Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
With investor confidence in cryptocurrencies ebbing as a result of the collapse of Sam Bankman-Fried’s FTX exchange, the total market capitalization of digital assets has fallen this month below $800 billion, a level not seen since early 2021, according to data from TradingView.
The latest wave of turmoil in digital-asset markets shaved some $183 billion from the industry market cap. The figure dropped to $736 billion on Nov. 9, the lowest since January 2021.
The decline came as the FTX drama sent prices for bitcoin and other cryptocurrencies into a fresh tailspin. Bitcoin (BTC), the largest cryptocurrency, fell 22% during the seven days through Nov. 13, its worst weekly performance in five months.
Bitcoin now makes up $319 billion worth of the entire cryptocurrency market’s capitalization. At the peak of the bull market about a year ago, when bitcoin reached its all-time high around $69,000, its market value was north of $1 trillion.
The entire crypto market capitalization hit the $3 trillion mark then but has been declining since.
The price of bitcoin is down 5% over the last seven days and has been trading in a range of $15,000-$17,000.
During previous market crashes the total market cap of the cryptocurrencies also lost considerable ground. In July 2021, total market cap fell to $1.1 trillion after reaching highs of $2.5 trillion in May that year.
The crypto market capitalization lost momentum in July last year (Trading View)
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Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.
Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.
