Ethereum

Crypto Economy’s Market Cap Drops Below $800 Billion For the First Time since December 2020

Crypto Economy's Market Cap Slides Below $800 Billion for the First Time Since December 2020

The global cryptocurrency market capitalization has dropped below the $800 billion region for the first time in 691 days or since December 30, 2020. Bitcoin has dipped below the $16K region dropping 5. 12% over the past 24 hours, and the second leading crypto asset ethereum shed 7. 61% on Monday, dropping below the $1,100 range.

Crypto Economy Sheds More Than 4% over the last day, Bitcoin Drops Below $16K, Ethereum Slips Below $1,100

Cryptocurrencies had a rough Monday as the entire digital asset market capitalization saw a 4. 37% decrease over the last day. Furthermore, the U.S. dollar valuation of all the crypto assets in existence fell below the $800 billion zone, the lowest value seen since December 30, 2020.

Crypto Economy's Market Cap Slides Below $800 Billion for the First Time Since December 2020 — The last time the crypto economy was below the $800 billion zone was on December 30, 2022. On that day, the global market capitalization of all the crypto assets in existence was approximately $760. 73 billion.

While cryptocurrency trade volumes rose to $150 to $225 billion during the FTX market mayhem, global trade volumes dropped greatly down to $66. 66 billion in 24-hour trade volume on November 21, 2022. Bitcoin (BTC) dropped to a low of $15,588 per unit on Monday under the $16K range and it’s currently coasting along at $15,721 per unit at 3: 30 p.m. (ET).

Ethereum (ETH) is trading for $1,091. 14 per unit after losing 7. 61% in USD value during the last 24 hours. Some of the biggest losers on Monday include near protocol (NEAR) down 12.6%, terra luna classic (LUNC) lost 11.1%, and solana (SOL) shed 10.7% in 24 hours.

Coins such as huobi, ethereumpow and apecoin (APE), saw gains of between 1.7% and 7.3% today. HT is leading the pack. Presently, BTC‘s dominance among the entire crypto economy’s digital assets is 38.7% on Monday, while ETH‘s dominance is 17.1%.

Regarding the global trade volume on Monday, tether (USDT) dominates the books with $53. 73 billion of the $66. 66 billion in worldwide trade volume. Furthermore, as the crypto economy’s valuation shrank on Monday, USDT‘s dominance increased to 8.102%.

Usd’s market value (USDC), is 5. 485% of the $786. 27 billion crypto economy value on Nov. 21, 2022. In addition to crypto assets, equity markets in the U.S. shuddered as all four major indexes (NYSE, Nasdaq, Dow, S&P 500) were down for most of Monday’s trading sessions.

Precious metals fell 0. 69% and silver dropped by 0.48%. Platinum increased by 0. 41% against the greenback, but palladium dropped by 3. 74% during today’s New York spot prices note. By 4: 15 p.m. (ET) on Monday, BTC‘s price managed to climb to $15,900, while ETH‘s value managed to jump back above the $1,100 zone.

This story contains tags

APE, Bitcoin (BTC), Bitcoin Price, BTC, BTC Dominance, equity markets, Ethereum, Ethereum (ETH), Ethereum Dominance, Ethereum Price, ETHW, gold, HT, LUNC, Monday Trading, NEAR, Nov. 21, Solana, stock indexes, Tether Dominance, trade volume, Trading sessions

What do you think about the crypto economy dropping below the $800 billion range? Please comment below to let us know your thoughts on this topic.

Jamie Redman

Jamie Redman, the News Lead at Bitcoin.com News, is a Florida-based financial journalist. Redman has been an active member of the cryptocurrency community since 2011. Redman is passionate about Bitcoin, open-source codes, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Ethereum

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Ethereum

ETH2 Beacon Deposit Contract Now Controls 60% Of All Ethereum: Arkham

Rain Lohmus bought $75,000 worth of ETH in 2014, which is now worth $871 million. Yet, he cannot move even a single coin.

New on-chain research from Arkham Intelligence this week shows that the wallet address holding the most ETH today is not an individual, not an exchange, not an ETF issuer, but the staking contract that secures Ethereum.

According to Arkham, the ETH2 Beacon Deposit Contract currently holds more than 72.4 million ETH, worth around $252 billion at current market prices, and represents approximately 60% of the total supply.

Ethereum’s Power Center

In terms of individuals, the research firm confirmed that the largest known individual holder of ETH is still Rain Lohmus, the founder of Estonian bank LHV, who bought 250,000 ETH in the 2014 presale for around $75,000. Those coins would now be worth roughly $871 million, but Lohmus does not have access to them because he lost the private keys years ago.

The second largest identifiable individual holder is Ethereum co-founder Vitalik Buterin, who currently holds around 240,000 ETH, worth around $840 million.

Beyond individual wallets, centralized exchanges and institutional entities collectively control some of the largest pools of Ether. Binance, for one, holds approximately 4.09 million ETH, while asset manager BlackRock holds around 3.94 million ETH, largely associated with its iShares Ethereum Trust ETF. Coinbase is the next largest institutional holder, with approximately 3.5 million ETH across multiple addresses, including cold wallets and staking reserves for its cbETH staking token.

Following suit are Upbit, Robinhood, Kraken, OKX, and Bitfinex, which appear among the top institutional holders.

Seized Funds, Stolen Funds, and Layer-2 Bridges

Arkham found that governments also appear on the leaderboard. For instance, the United States government controls around 60,000 ETH, which largely consists of seized criminal funds, including from the Potapenko/Turogin case and from seizures related to the Bitfinex hacker.

Ethereum

Ethereum Traders Just Flipped Bullish, But History Says This Is a Major Red Flag

Ethereum’s bounce toward $3,500 triggered instant FOMO, but Santiment says extreme optimism usually means price is about to disappoint.

Ethereum traders have swung sharply from extreme bearishness to extreme bullishness within just a few days, based on social media sentiment.

But fresh data suggest that when ETH nearly rebounded to $3,500 on Thursday, the crowd interpreted the move as a confirmation that the asset was “back in business.”

ETH Trader FOMO

Santiment warned that this sudden pivot is similar to the same pattern seen earlier in the week, when retail panic selling actually contributed to the rebound. Now, the rapid return of FOMO could similarly stall further upside.

According to the analytics platform, prices have shown a tendency to move in the opposite direction of the crowd, and that more neutral sentiment phases have proven to be stronger buy signal environments than euphoric ones.

Crypto trader Ted Pillows also noted that even though the altcoin is showing some rebound after this week’s sharp decline, the recovery lacks conviction. According to Pillows, the current move higher, though modest, is being driven largely by short positions being closed rather than new spot buyers stepping in. He added that Ethereum needs to reclaim the $3,600-$3,700 price range with meaningful inflows to establish strength and dismiss the risk of further downside. Without that confirmation, Pillows believes the odds still favor lower prices from here.

Despite the near-term uncertainty, some traders say the bigger picture is still pointing toward a substantial upside scenario. For instance, crypto trader “Trader Tradigrade” said that ETH’s monthly chart is currently developing what he describes as a massive Inverse Head and Shoulders pattern, with a potential price target of $14,000 once confirmed.

“Wet Blanket” Phase

As the crypto market remains sluggish, Galaxy CEO Mike Novogratz believes that this could be due to long-term holders rebalancing their net worths and diversifying away from massive concentrated holdings after a very long bull market. Novogratz deems this to be a healthy sign in the medium and long term as these positions get distributed. In the short run, however, he said that “it’s a proverbial wet blanket” and has weighed on prices.

About the author

Chayanika has been working as a financial journalist for six years. A graduate in Political Science and Journalism, her interest lies in regulatory implications with a focus on technological evolution in the crypto realm.