Total Crypto Market Cap Dips Below $2.7 Trillion
The cryptocurrency market has performed excellently since the start of the year, with the prices of most cryptocurrencies up by more than 100% during that period. Bitcoin began the year trading around the $30k region but rallied to a new all-time high above $69k two weeks ago.
Ether has also been one of the best performers in the market, adding more than 500% to its value since the start of 2021. ETH reached a new all-time high close to the $5k region two weeks ago, but it is now struggling to stay above $4,000 per coin. Thanks to the recent rallies, the total cryptocurrency market cap reached a new all-time high at $3 trillion a few weeks ago.
However, the past two weeks have affected the market performance. Bitcoin has lost more than 10% of its value since it reached its all-time high two weeks ago and is now trading just below the $57k mark. Ether has also lost more than 10% of its value and is currently trading close to $4,200 per coin.
As a result of the dip in prices, the total cryptocurrency market cap has dropped to the $2.6 trillion level. This represents a more than 10% decline in the total cryptocurrency market cap over the past few weeks.
At press time, the total cryptocurrency market cap stands at $2.66 trillion, down by 0.6% over the past 24 hours. Despite the decline in prices and market cap, analysts are optimistic that the cryptocurrency market will recover before the end of the year. BTC and other cryptocurrencies would rally higher over the coming weeks.
A rally in the prices of cryptocurrencies would see the total market cap rise past the $3 trillion mark again.