Total crypto market cap drops to $850B as data suggests further downside
The total cryptocurrency market capitalization dropped by 24% between Nov. 8 and Nov. 10, reaching a $770 billion low. However, after the initial panic was subdued and forced future contracts liquidations were no longer pressuring asset prices, a sharp 16% recovery followed.
Total crypto market cap in USD, 2-days. Source: TradingView
This week’s dip was not the market’s first rodeo below the $850 billion market capitalization level, and a similar pattern emerged in June and July. In both cases, the support displayed strength, but the $770 billion intraday bottom on Nov. 9 was the lowest since December 2020.
Weekly winners and losers among the top 80 coins. Source: NomicsUSDC peer-to-peer vs. . Source: OKXPerpetual futures 7-day funding rate on Nov. 11. Source: CoinglassBTC options put-to-call ratio. Source: Cryptorank.io