Amid a bearish momentum on the larger part of the cryptocurrency industry, the sector has wiped over $20 billion from its market capitalization in a single week, extinguishing hopes of reclaiming the $2 trillion level any time soon and fueling fears that it could drop below $1 trillion instead.
Specifically, the cryptocurrency market cap at present stood at $1.14 trillion, having declined $21.22 billion or 1.82% since this time last week, when it amounted to $1.16 trillion, according to the latest information retrieved by Finbold from crypto tracking platform CoinMarketCap on May 9.
As it happens, most of this drain has taken place in the last 24 hours alone, during which time as much as $12.88 billion has left the total crypto market cap, getting closer to the feared $1 trillion level, from which the sector broke out in early March.
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Bitcoin leads bears
Meanwhile, the bearish charge is led by the sector’s representative, Bitcoin (BTC), the price of which has dropped 1.01% on the day and 1.6% across the previous week and currently stands at $27,676, with further declines looming as the Bitcoin network shows signs of contraction.
By comparison, the second-largest digital asset by market cap, Ethereum (ETH), has been doing slightly better, losing 0.84% in the last 24 hours but still recording a 0.79% gain over the past 30 days, as it is currently changing hands at the price of $1,845.51.
At the same time, gold has begun to stand out as the main competitor to the flagship decentralized finance (DeFi) asset, threatening to outshine it during a recession after having climbed to the yearly high of $2,052 – now correcting at $2,030, as per the latest data accessed on May 9.
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