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Crypto Market Cap Falls Below $1T for First Time Since Early 2021

Bitcoin lost some 13% of its value in the past 24 hours.

By Shaurya Malwa
AccessTimeIconJun 13, 2022 at 10:11 a.m. UTC
Updated May 11, 2023 at 6:41 p.m. UTC
Market capitalization slid 12% in the past 24 hours. (CoinMarketCap)

Market capitalization slid 12% in the past 24 hours. (CoinMarketCap)

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The market capitalization for cryptocurrencies fell by some 12% in the last 24 hours to nearly $970 billion on Monday morning, data from CoinMarketCap shows.

  • A similar capitalization was previously seen in January 2021, data shows. In the past 24 hours, bitcoin (BTC) lost 13% while ether (ETH) slid 17%.
  • Bitcoin dominance increased to over 47% over the weekend, suggesting investors held bitcoin and risked off from alternative cryptocurrencies.
  • The fall came amid a decline in global stocks after poor U.S. consumer price index data for May was released last week. Inflation rocketed to over 8.3% on a year-on-year basis, denting investor sentiment.
  • Bitcoin has declined for nearly 12 straight weeks, marking one of the asset’s biggest slides in its lifetime.

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Shaurya Malwa
Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

Follow @shauryamalwa on Twitter

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