The value of the crypto economy, which stands at $1.19 trillion, is now below lows recorded in July 2021. Over the past week, digital currencies like bitcoin, ethereum, caradano and xrp, lost a lot of value, with major cryptos down 50% to over 80% from their all-time highs.
How low can the crypto economy go?
It hasn’t been a great week for cryptoassets, as the top ten digital currencies have lost between 4% and 15% over the past seven days. Bitcoin (BTC) lost 4.6% of its value this week, while Ethereum (ETH) fell more than 14%.
BNB is down 9.7% this week and ADA is down just 0.7% in the past seven days. XRP lost 7.4%, SOL plunged 11.6%, and dogecoin (DOGE), the tenth-largest market cap, fell 13.6% this week.
Currently, the total capitalization of cryptocurrencies is valued at $1.19 trillion and has lost 6.1% in the past day alone. This value is below the lows recorded in July 2021, when the market cap hit a low of $1.32 trillion that month. The last time the entire crypto-economy was valued this low, it was the first week of February 2021.
At that time, February 6, 2021, bitcoin was trading for $39,405, ETH for $1,665, and XRP for $0.43. Currently, the value of these coins is lower than it was in the first week of February.
Other prominent coins had a lower value than today. For example, avalanche (AVAX) traded for $16.42 on February 6, 2021. Today AVAX is trading at $20.04 per unit.
In February 2021, solana (SOL) was worth $6.05 and today it changes hands for $33.84. Additionally, terra (LUNA) was trading at $2.74, up 86%, in the first week of February 2021, but today it is worth just $0.00006805 per unit.
Currently, the Crypto Fear and Greed Index (CFGI) shows that a “extreme fearis in the air today, when it comes to crypto sentiment. At the time of writing, the CFGI states that the score of “extreme fear” is “12”, while it was “13” yesterday.
Data from Google Trends (GT) shows that search interest in the term “bitcoin” has more than halved worldwide since the search term peaked. Google Trends data for the search term “cryptocurrencyare even worse, as search interest has fallen to a new low of 3 out of 100.