In early July 2024, the crypto markets found themselves in a precarious position as numerous prominent cryptocurrencies – with Bitcoin (BTC) spearheading the trend – entered into a collapse both large and rapid.
The first days of the month saw two major shocks. First, some $130 billion escaped from the asset class’ market capitalization within a single day, and then, just hours later, almost as much was wiped within 60 minutes.
The downturn also saw the cryptocurrency market fall below a total capitalization of $2 trillion for the first time since late February. By press time on July 5, the total valuation of cryptocurrencies stood at $1.96 trillion.
Total crypto market cap 7-day chart. Source: TradingView
Proving the downturn has not affected only Bitcoin – despite the world’s premier cryptocurrency taking the bulk of the attention – the total crypto market cap that excludes BTC fell some $150 billion from $1.03 trillion on July 1 to $880 billion at press time
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