Crypto Market Cap Falls Below $1T for First Time Since Early 2021
Bitcoin lost some 13% of its value in the past 24 hours.
Updated May 11, 2023 at 6:41 p.m. UTC
![Market capitalization slid 12% in the past 24 hours. (CoinMarketCap)](https://www.coindesk.com/resizer/ogYjZ03exLeGz-kHcUagOR85a2g=/567x390/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/VKA24QIXEVCTRPACJJ55IKRTCA.png)
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.