The markets are in turmoil, with major cryptocurrencies plummeting over the course of the past week, and no one can tell what the final stop will eventually be or when it comes. These are the recent statistics as brought to you by Coinmarketcap.
While Bitcoin is hanging by a thread over the $20,000 mark, other major cryptocurrencies have plummeted in the past week, including Ethereum, Dogecoin, and Cardano, which despite bumping back up 8% in the past 24 hours, are still down 25-30% from last week.
The overall market cap for cryptocurrencies shows a loss of $369 billion in the past seven days, falling from $1.247 trillion on June 8 to $878 billion on June 15. This represents a 29.6% decline in just a week. $80 billion of that was lost in just the past 24 hours.
The current price of Bitcoin moves around $20,609.37, which represents a 10.27% downfall in 24 hours, a 33.39% decline over the last seven days, and a 60% downtrend in the past even months. Should the cryptocurrency further plummet under 20K, several major institutions might liquidate their positions.
Things seem rather grim when it comes to the current market situation in crypto, despite many believing that in case Bitcoin falls further down under $20K, it shall correct itself and spring back up. However, it is still too early to tell how the situation is going to develop.