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The crypto market cap has crashed below $1 trillion for the first time since January 2021.
Not even the bear market last summer took the crypto market so low. Back during a crypto crash in July 2021 the crypto market cap did not fall below $1.2 trillion.
Most major cryptocurrencies are trading at their lowest prices since January 2021 or even December 2020.
The price of Bitcoin crashed below $24,000 on Monday, June 13.
This is the lowest Bitcoin price since December 2020. During July last summer the Bitcoin fell briefly to $29,000 before rapidly recovering.
The price of Bitcoin has tanked 13% in the past 24 hours and 24% in the past week. This comes right after Bitcoin posted a record nine weeks of straight red candles.
The current crash of Bitcoin cryptocurrency prices has not been seen before.
The relative strength index (RSI) of Bitcoin over 14 weeks is at 28. Such a low RSI has not been seen since December 2018. While this is a strong buy indicator for Bitcoin, inflation levels are at their highest since 1981 – at 8.6% in May – meaning the crypto market crash could continue for some weeks.
Bar stablecoins, all cryptocurrencies in the top 20 by market cap are down in price.
Avalanche has lost 22% in price in the past day, falling to 16th place in the crypto rankings by market cap. Solana is down 21% in price while Cardano, BNB and Shiba Inu are down 15% in price in the past 24 hours.
XRP and BUSD have flipped Cardano in recent hours and ADA falls to 8th place in the crypto rankings by market cap.
UNUS SED LEO has seen a small 0.2% loss in the past 24 hours and the LEO token has flipped Avalanche to sit at 15th place in the crypto rankings by market cap.
Despite the current crash, in other crypto news, there are many altcoins gaining in price today.
EverGrow Coin is one of the fastest-growing cryptocurrencies today with 24% growth in the past day.
The price of EverGrow Coin is currently $0.0000002398. This is up from a low of $0.0000001930 yesterday.
Many investors are flocking to EverGrow Coin for its stablecoin rewards. EverGrow Coin charges a 14% transaction tax with 8% of this distributed as Binance-pegged USD (BUSD). With EverGrow Coin daily trading volume growing 57% to $600,000 in the past day this would mean nearly $50,000 has entered digital wallets holding EGC.
Since launching in September last year, EverGrow Coin has paid more than $37 million BUSD to investors through its fully scalable transaction tax.
In other crypto news today, the Aventus cryptocurrency is topping the CoinMarketCap gainer charts with 89% growth in the past 24 hours. AVT is trading at a price of $2.22.
Aventus is a layer-2 blockchain protocol aimed at reducing the cost and boosting the speed of Ethereum transactions. The Aventus Network (AvN) can scale to 2,000 transactions per second – about 133 times more than Ethereum.
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Disclaimer: Analytics Insight does not provide financial advice or guidance on cryptocurrencies and stocks. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. This article is provided for informational purposes and does not constitute investment advice. You are responsible for conducting your own research (DYOR) before making any investments. Read more about the financial risks involved here.
