Total Crypto Market Cap Falls to $850 Billion as Data Suggests Further Drop
Crypto Market Pulled Off 11% Rebound From Nov. 9 Low, But A Handful Of Metrics Show Serious Lack of investor confidence.< /p>
Market analysis
Total cryptocurrency market capitalization fell 24% between November 8 and 10, hitting a low of $770 billion. However, after the initial panic was brought under control and futures forced liquidations no longer put pressure on asset prices, a strong 16% rally followed.
Total USD Crypto Market Cap , 2 days. Source: TradingViewThis week's decline was not the market's first rodeo below the $850 billion market cap level, and a similar pattern appeared in June and July . Either way, support showed strength, but the $770 billion intraday low on November 9 was the lowest since December 2020.
The 17.6% weekly decline in total market capitalization was mainly affected by the 18.3% loss of Bitcoin (BTC) and the negative 22.6% price movement of Ether (ETH) . Yet the price impact was most severe on altcoins, with 8 of the top 80 coins losing 30% or more over the period.
Weekly winners and losers among the top 80 coins . Source: NomicsFTX Token (FTT) and Solana (SOL) have been hit hard by liquidations following the insolvency of FTX Exchange and Alameda Research.
Aptos (APT) fell 33% despite denying rumors that Aptos Labs or Aptos Foundation treasuries were held by FTX.
Stablecoin demand remained neutral in AsiaThe USD Coin (USDC) premium is a good indicator of demand from China-based retail crypto traders. It measures the difference between China-based peer trade and the US dollar.
Excessive buying demand tends to put pressure on...
Crypto Market Pulled Off 11% Rebound From Nov. 9 Low, But A Handful Of Metrics Show Serious Lack of investor confidence.< /p>
Market analysis
Total cryptocurrency market capitalization fell 24% between November 8 and 10, hitting a low of $770 billion. However, after the initial panic was brought under control and futures forced liquidations no longer put pressure on asset prices, a strong 16% rally followed.
Total USD Crypto Market Cap , 2 days. Source: TradingViewThis week's decline was not the market's first rodeo below the $850 billion market cap level, and a similar pattern appeared in June and July . Either way, support showed strength, but the $770 billion intraday low on November 9 was the lowest since December 2020.
The 17.6% weekly decline in total market capitalization was mainly affected by the 18.3% loss of Bitcoin (BTC) and the negative 22.6% price movement of Ether (ETH) . Yet the price impact was most severe on altcoins, with 8 of the top 80 coins losing 30% or more over the period.
Weekly winners and losers among the top 80 coins . Source: NomicsFTX Token (FTT) and Solana (SOL) have been hit hard by liquidations following the insolvency of FTX Exchange and Alameda Research.
Aptos (APT) fell 33% despite denying rumors that Aptos Labs or Aptos Foundation treasuries were held by FTX.
Stablecoin demand remained neutral in AsiaThe USD Coin (USDC) premium is a good indicator of demand from China-based retail crypto traders. It measures the difference between China-based peer trade and the US dollar.
Excessive buying demand tends to put pressure on...
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