Value Over the Entire Crypto Market Shrunking

13.06.2022 09:54
by Aleksandar Đurić
1 min read

Over the weekend, the value of the entire crypto market has fallen. The global market cap currently amounts to $1.03 trillion, which means there was a 7.5% drop in just the last 24 hours.

In the past week, the value of each of the top 20 cryptos by market cap has shrunk by double-digit percentages. For instance, Bitcoin suffered an 18% decrease, now amounting to $25,513, which is the lowest its been in the past 12 months. Ethereum is down 28%, Cardano 24%, Binance Coin 22%, etc.

Since the first week of May, the world of cryptocurrency has been experiencing what is dubbed the “Crypto Winter”. The tech stock market took a beating, and the Terra crypto ecosystem went down, contributing to the ongoing decline of the crypto market.

Another contributing factor is the 8.6% rise in the prices of consumer goods since May 2021. This is the highest year-by-year inflation rate since 1981. While Bitcoin was pitched as a “hedge against inflation”, that is currently not the case, and crypto and tech stocks are dropping simultaneously.

Author

  • An experienced journalist working in the film and video-game industries for many years. An enthusiast busy with learning new things about the world of crypto every day. Majored in English Language and Literature. Has a shrine in his apartment dedicated to Hidetaka Miyazaki.

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