The total cryptocurrency market cap is nearing a 50% decline from its all time high – revealing a freefall of 46.9% in just 30 days.
Cue the frenzied short-term investors – the total market cap of all publicly traded cryptocurrencies has declined by $10 billion USD in some 24 hours; making for a 46.9% decline in just over 30 days.
The cryptocurrency market rallied to reach an all-time high in mid-June, wherein the total market cap sat at a recorded $115 billion USD; today, the total market cap has diminished to a low of $61 billion USD. Read: Crypto markets slide by $13 billion in the wake of Bitcoin uncertainty
While the likes of Bitcoin, Ethereum, and Ripple have seen wild gains in the last few weeks, all of the top players have sustained heavy losses that are now quickly mounting up; Bitcoin itself has dropped beneath the $2,000 USD mark – a 38% decline, marking the cryptocurrency’s lowest value since the middle of May this year.
At the time of writing, some leading cryptocurrencies have managed to stabilise; Ethereum has managed to claw its way back to $173 USD, though the currency remains a far way off from the record $250+ USD it succeeded in posting earlier this year.
The news comes amidst a wave of uncertainty in the cryptocurrency market ahead of the adoption of SegWit on the first of August; leaving investors uncertain as to whether a user activated soft fork of Bitcoin might well occur.
The cryptocurrency market itself will likely remain in flux for the weeks to come – leading voices in the field advising investors to batten down the hatches. Edward Cunningham, of Bitcoin Powpow, previously advocated that “We have all known that July was going to be a bumpy month due to the BTC possible split drama which only adds to the ICO’s dumping for liquidity – let’s hope beginning August the trend changes and heads North. In the meantime, hold as best you can.” Read: Bitcoin regains 40% of the crypto market after Ethereum’s plummet
What are your thoughts? Be sure to let us know your opinion in the comments below!
Follow Bryan Smith on Twitter: @bryansmithSA