Global Market Cap Drops Below $1 Trillion

According to CoinGecko, the combined value of all cryptocurrencies has fallen below $1 trillion. After a week of rising prices, the consequences of the crypto winter are evident again.

The current global crypto market cap amounts to some $997 billion. Ethereum is trading for $1,463, which is about a 10% decrease since last week. Bitcoin’s price has also dropped, but not as much. It currently amounts to $21,372, which is about a 5% decrease.

Other popular coins have also lost value. For instance, Solana and Cardano are both down some 5%. Solana is currently worth $40.47, while Cardano is valued at $0.525.

The same goes for DeFi and metaverse tokens. Lida DAO’s token is worth $1.44, while Uniswap’s token trades for $6.26, meaning that both popular DeFi tokens’ value has decreased by some 15%. As for the well-known metaverse tokens, ApeCoin is worth $5.60 and the Sandbox $1.17, which is around a 10% decrease for both.

The major drop in value all over the crypto industry, over the past few months, is the result of the crypto collapse beginning in May. The key causes are adverse macroeconomic conditions, as well as the massive crash of Terra crypto.