Cryptocurrency Price update: The condition of the cryptocurrency market is battered at this time. The crypto market has almost crashed. The price of the biggest cryptocurrency bitcoin has broken below its key support level of $20,000. Today on Sunday the price of one bitcoin is running at $17600. That is, the value of this currency has fallen by 70 percent from its peak. The same is the case with most of the major currencies.
The price of bitcoin reached its all-time high in November 2021. The price of one bitcoin had crossed $69,000. Within a year, this largest cryptocurrency has fallen 70% to below $20,000. Meaning if then, you had invested a $1000 in it, then today your investment would have become less than $300.
The Bad Condition of the Crypto Market Cap
The market cap of cryptocurrencies has come down to $1 trillion at this time. The market cap of cryptocurrencies as of today is $822 billion. This month the market cap has come down below $1 trillion. According to coinmarketcap.com, the crypto market cap had reached $3 trillion. That is, from its high it has declined by $2 trillion. This figure is more than the GDP of most countries.
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Market experts say that the bubble of the crypto market is bursting. There was a tremendous increase in its prices. Investors should avoid investing money in any such investment. It is like a gamble. Even if you are investing money in it, then invest as much as it falls out of your pocket, then you should not have much problem.