The $1.19 trillion crypto economy is now lower in value than the lows recorded in July 2021. During the last week, digital currencies like bitcoin, ethereum, caradano, and xrp, have shed significant value against the U.S. dollar, as the top cryptos have lost 50% to more than 80% from their all-time price highs.
How low can the crypto economy go?
It hasn’t been a great week for crypto assets as the top ten digital currencies are down 4-15% in the last seven days. Bitcoin (BTC) lost 4.6% in value this week, while Ethereum (ETH) fell more than 14%.
BNB is down 9.7% this week and ADA has only dropped by 0.7% during the past seven days. XRP has lost 7.4%, SOL dipped by 11.6%, and the tenth-largest market cap dogecoin (DOGE) has dropped by 13.6% this week.
Currently, the crypto economy is valued at $1.19 trillion, as it lost 6.1% in the last day alone. This value is lower than 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 was the first week of February 2021.
At that time on February 6, 2021, BTC was trading for $39,405 per unit, ETH exchanged hands for $1,665 per unit, and XRP traded for $0.43 per coin. Presently, these coin values are lower than they were during the first week of February.
The other most important coins had a lower value than they are today. For example, avalanche (AVAX) traded hands for $16.42 on Feb 6, 2021. Today, AVAX is trading at $20.04 per unit.
In February 2021, solana (SOL) was $6.05 per unit and today it is changing hands for $33.84. Moreover, terra (LUNA) was trading for $2.74 up 86% during the first week of February 2021, but today it is only worth $0.00006805 per unit.
Currently, the Crypto Fear and Greed Index (CFGI) shows that “extreme fear” is in the air today, when it comes to crypto sentiment. At the time of this writing, the CFGI lists the “extreme fear” score as “12” compared to yesterday’s score of “13”.
Google Trends (GT) data shows search interest for the term “bitcoin” has dropped worldwide by more than half since the search term’s peak. GT data for the search term “cryptocurrency” is even worse, as search interest has lagged to a fresh new low of 3 out of 100.
