The overall market capitalization of cryptocurrencies has decreased by more than 8%, as key currencies witness substantial drops and struggle to recover from the recent market downturn.
According to crypto.news, the five largest cryptocurrencies by market capitalization have failed to bounce back from the decline that took place on February 24. As a result, the total cryptocurrency market cap has fallen by nearly 8.8% in the last 24 hours, now totaling $2.73 trillion.
Data from TradingView shows that at the beginning of February, the total crypto market cap was around $3.1 trillion. However, following the sharp decline on February 24, it plummeted to as low as $2.5 trillion. Since that time, the market cap has not managed to hit the $3 trillion mark, demonstrating that the market is still facing challenges in bouncing back from the recent crash.
Apart from Bitcoin (BTC), which has dropped below the $80,000 threshold, other prominent tokens such as Ethereum (ETH), Ripple (XRP), Binance Coin (BNB), and Solana (SOL) are still dealing with the consequences of the market crash. The price reductions for the largest coins by market cap range between over 10% and approximately 7%, excluding stablecoins like USDT (USDT) and USDC (USDC).
In the past 24 hours, Ethereum has fallen by nearly 11%. As per the latest figures, the second-largest cryptocurrency by market cap is trading at $2,091, with ETH’s market cap decreasing by 10.8% to $252 trillion.
Solana experienced an even sharper decline, dropping over 11% in the last day. Currently, SOL is trading at $126.29, which is more than 50% below its previous all-time high of $293.31. Solana’s market capitalization has decreased by 11% to $62 trillion.
Following the general trend in the crypto market, XRP faced a drop of 10.5% in the last day and nearly 25% over the week. The Ripple Labs token is now priced at $1.99, with its market cap declining by 10.3% to $115 trillion.
Binance Coin was the least affected among major tokens, with a decrease of 7.4% to $570.20 over the past 24 hours. Over the past week, BNB has dropped by 12.7%, with a current market cap of $83 trillion, reflecting a decline of 7.3%.
Disclosure: This article does not constitute investment advice. The information and materials on this page are provided solely for educational purposes.
