According to CoinGecko, one of the largest global crypto data aggregators, the cryptocurrency market is down to $1.7 trillion, down 7% in the last 24 hours.
Alongside the reduced market cap of the industry is a 6.6% decrease in the price of Bitcoin, a 7.8% decrease in the price of Ethereum, and a 4% decrease in the price of BNB.
The drop in market cap, a measurement of the total value of all mined coins, is likened to two major market updates. First, despite Jim Cramer expressing optimism about Bitcoin, the ‘inverse Cramer’ theory urges caution, as some investors see his bullish stance as a potential contrarian indicator, raising concerns about market overheating.
The second was a decrease in Bitcoin price over a three-hour span following a report from crypto financial services firm Matrixport, indicating the unlikeliness of spot Bitcoin ETFs to be approved by the U.S. Securities and Exchange Commission (SEC).
At the time of writing, the total cryptocurrency trading volume on the last day was $145 billion, with Bitcoin at 49% and Ethereum at 15.5%. Data from the report includes 11,982 cryptocurrencies, with the largest gainers in the industry being tokens in the Polkadot ecosystem and BRC-20 cryptocurrencies.
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