The market capitalization for cryptocurrencies fell by some 12% in the last 24 hours to nearly $970 billion on Monday morning, data from CoinMarketCap shows.
A similar capitalization was previously seen in January 2021, data shows. In the past 24 hours, bitcoin (BTC) lost 13% while ether (ETH) slid 17%.
Bitcoin dominance increased to over 47% over the weekend, suggesting investors held bitcoin and risked off from alternative cryptocurrencies.
The fall came amid a decline in global stocks after poor U.S. Consumer Price Index data for May was released last week. Inflation rocketed to over 8.3% on a year-on-year basis, denting investor sentiment.
Bitcoin has declined for nearly twelve straight weeks, marking one of the asset’s biggest slides in its lifetime.
Read more about
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
