Crypto Market Cap Dips below $1.3 Trillion

Bitcoin (BTC), Ethereum (ETH) and Dogecoin (DOGE) led the recent $50 billion crypto market sell-off as the total market cap of digital currencies dropped below $1.3 trillion. The world’s largest crypto asset, Bitcoin dipped below $32,000.

According to the recent data published by Coinmarketcap, the global crypto market cap lost nearly 4% in the last 24 hours. Currently, the total market cap of digital currencies stands at around $1.29 trillion, which is down from $1.5 trillion on 5 July.

Bitcoin dropped by nearly 3% in the last 24 hours. The total market cap of BTC dipped below $600 billion today. The current market dominance of BTC stands at around 45.5%.

Ethereum, the world’s second-most valuable crypto asset, remained volatile near the price level of $2,000. ETH is currently trading above $1,930 with a market cap of $224 billion.

“One signal that Ethereum bulls are waiting for is an uptick from active deposits and active withdrawals from known addresses. During the last mini bounce, there was a spike in both but quickly fell. Something more consistent will be a great sign,” the crypto analytics firm, Santiment, mentioned today.

Crypto Network Activity

On-chain activity across Bitcoin and Ethereum networks remained inconsistent during the last few weeks. Few indicators, including mining revenues and hash rate, showed some signs of recovery, but the active crypto addresses have seen a sharp decline recently. “Bitcoin is currently trading near the lows of a significant on-chain volume node. Between prices of $31k and $34.3k, over 1.86M BTC have transacted on-chain, equivalent to 9.93% of the circulating supply. This is now convincingly the largest realized volume cluster since $12k,” the on-chain analysis firm, Glassnode added.

Despite the drop in the price of the world’s most valuable cryptocurrency, millionaire Bitcoin whales holding between 100 and 10,000 coins added nearly 100,000 BTC to their holdings since 21 May 2021. Among the top 5 crypto assets, Binance Coin (BNB) is the only digital currency with decent gains in the last seven days.

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