- The entire crypto market continues to drop day by day.
- The crypto market cap has now dropped below the $1.5 trillion level.
- Bitcoin price is $33,531.18.
As per a report, the entire cryptocurrency market keeps sinking overwhelmingly due to Tesla (NASDAQ:TSLA) CEO Elon Musk and China’s crypto price depression. Moreover, the entire crypto market capitalization has currently dropped below $1.5 trillion.
Of note, the sudden fall of the crypto market cap represents almost a 9% reduction within the past 24 hours. Not limited to only this, it also marks over 35% drop down in the recent weeks and a total decline from ATH of almost $2.5 trillion since this month.
Also, the 9% decrease influenced a further 7% off in Bitcoin (BTC) price. Aside from BTC, Ethereum also dipped overwhelmingly to 13% off. Presently, Ethereum price is $1,919.38 with a market cap of $240,103,455,898.
Furthermore, Binance Coin (BNB) also decreased sharply to about 18% with a price of $257.
At press time, BNB ranks as the sixth-largest crypto in terms of market cap.
Interestingly, Cardano (ADA) and Dogecoin (DOGE) eventually dethroned BNB but could not stand. Both dropped drastically by 14% and 9% respectively.
Consequently, the ongoing market correction in crypto prices eventually started momentarily when Elon disclosed that Tesla will no longer accept Bitcoin payment.
According to CoinGecko, Bitcoin price is $33,967.48 with a market capitalization of $659,042,450,121 at the time of writing.
Author: Collins Adane