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June 11, 2022

The Crypto Economy Value Falls Below the Lows Recorded in July

There is currently less value in the $1.19 trillion crypto economy compared to what it was worth in July 2021. Cryptocurrencies including bitcoin, Ethereum, Cardano, and XRP have all dropped precipitously in value versus the dollar in the previous week, with the top ten losing anywhere from 50% to over 80% of their value from their all-time highs.

On a week-to-week basis, all of the top 10 crypto assets have fallen by between 4% and 15% during the previous seven days. Ethereum (ETH) and Bitcoin (BTC) have both lost more than 14 percent of their value in the last week, respectively.

This week, BNB shares are down 9.7%, while ADA shares are down only 0.7%. This week, XRP is down 7.4%, SOL is down 11.6%, and dogecoin (DOGE), the tenth-largest market cap, is down 13.6%.

Today, the crypto market is worth $1.19 trillion, down 6.1% from yesterday’s close. During the month of July 2021, the market cap fell to a low of $1.32 trillion, a record low. The first week of February 2021 was the last time the whole crypto-economy was valued at this low.

Bitcoin traded for $39.405 per unit on February 6, 2021, ETH was selling for $1.665 per unit, and XRP was trading at $0.43. The value of these coins is now lower than it was in the first week of the month of February.

The value of other major coins was lesser than it is now. On February 6, 2021, avalanche (AVAX) traded at $16.42 per share. AVAX is now selling at $20.04 per share.

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Solana (SOL) was trading for $6.05 per unit in February 2021, but currently, it is trading at $33.84. While Terra (LUNA) was trading at $2.74 in the first week of February 2021 and is now selling at only $0.00006805 per unit, this represents an 86% increase in value.

“Extreme dread” is in the air today as far as crypto mood is concerned, according to the Crypto Fear and Greed Index (CFGI). According to the CFGI, the “severe dread” score has dropped from 13 to 12 as of this writing.

According to Google Trends (GT), global interest in the phrase “bitcoin” has decreased by almost half since its peak. This is even worse since interest in “cryptocurrency” has dropped to a new low of 3 out of 100.