Cryptocurrency Market Drops to Lowest Value Since November

The total value of all cryptocurrencies fell to $276 billion today – the lowest level since Nov. 26.

Feb 6, 2018 at 11:50 a.m. UTC
Updated Sep 13, 2021 at 7:32 a.m. UTC

In another gloomy day for the crypto markets, the total value of all cryptocurrencies fell to $276 billion today – the lowest level since Nov. 26.

The sell-off looks even bigger if we take into account the fact that the total market capitalization is down 66 percent from the all-time high of $830 billion seen in January, as per CoinMarketCap.

Zooming into the detail, the top 10 cryptocurrencies by market value are reporting double-digit losses for the fourth time in the last five days – a decline that has been associated with some banks' decision to ban credit crypto purchases and regulatory backlash against what some jurisdictions consider excess speculation in the crypto markets.

Due to back-to-back negative news cycles since the start of the year, most currencies are down at least 70 percent from their respective record highs.

As the chart shows, the leaders of the crypto market have witnessed a minimum of 20 percent depreciation in value over the last 24 hours.

Notably, bitcoin fell below $6,000 for the first time since November. However, as of writing, a slight recovery is in progress. The cryptocurrency was last seen trading at $6,278.

Further, most currencies have recovered from their daily lows, but are still reporting double-digit losses. Of particular note is the performance of NEO. The token is the biggest loser among the top 10 today, and it ranks last on the list of currencies with the biggest drop from its record high.

Meanwhile, Ripple's XRP token is down 84 percent from its all-time high of $3.84 hit on Jan. 4.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Ripple, the company that oversees XRP development.

Falling coins image via Shutterstock. Graph data source: OnChainFX

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
Circle Asks US Fed Not to Step on Its Toes by Launching a Digital Dollar

The public is already served well by private-sector tokens, the USDC stablecoin issuer said in a comment letter to the central bank.

The public is already served well by private-sector tokens, the USDC stablecoin issuer said in a comment letter to the central bank.

CoinDesk - Unknown
2
CoinDesk - Unknown
Crypto News Roundup for May 25, 2022

With bitcoin seemingly unable to break above the $30,000 threshold, plus a look at the suspects in the cast of the UST collapse, CoinDesk’s "Markets Daily" is back with the latest news roundup.

With bitcoin seemingly unable to break above the $30,000 threshold, plus a look at the suspects in the cast of the UST collapse, CoinDesk’s "Markets Daily" is back with the latest news roundup.

CoinDesk - Unknown
3
CoinDesk - Unknown
ApeCoin

CoinDesk - Unknown
4
CoinDesk - Unknown
Proof-of-Work vs. Proof-of-Stake: What Is the Difference?

Proof-of-work (PoW) and proof-of-stake (PoS) are two different methods to validate cryptocurrency transactions.

Proof-of-work (PoW) and proof-of-stake (PoS) are two different methods to validate cryptocurrency transactions.

CoinDesk - Unknown