Total cryptocurrency market capitalization remains above $ 2 trillion despite Bitcoin falling below $ 50.000 and other cryptocurrencies have been posting losses in recent days. In fact, iThe cryptocurrency market is currently in the bearish zone, but the total market cap has managed to stay above the $ 2 trillion mark.
Bitcoin and others are in the red zone
The cryptocurrency market is currently littered with trading charts in red as the prices of most cryptocurrencies have fallen by 3% and more in the past 24 hours. The drop in prices comes after a long rally last week and over the weekend.
The weekend rally saw Bitcoin hit the $ 50.000 mark (quotation BTC) for the first time since May. The major cryptocurrency has been trading above the $ 50.000 mark for two consecutive days. However, it was unable to harness the momentum, allowing the bears to take control of the market.
Bitcoin is now trading below the $ 47k level after suffering losses in the past few hours. At the time of writing, Bitcoin's price has dropped 0,75% in the past 24 hours and is likely to drop towards the $ 45.000 region if the current bearish momentum in the market is maintained.
Ether is also in the bearish zone after breaking out of the $ 3.300 mark earlier this week. The second largest cryptocurrency was unable to break out of the $ 3.500 level over the weekend, which led to its price dropping $ 3.100. Unless the market recovers, Ether may drop soon and this could see the bulls struggle to defend the $ 3.000 support level.
ADA remains one of the best performers in recent months
One of the best performers of recent months is Cardano. The cryptocurrency has attracted the attention of millions of investors around the world, thanks to the continuous development of smart contract functionalities on the blockchain. ADA's rally saw it overtake Binance Coin (BNB) to become the third largest cryptocurrency by market capitalization.
Binance Coin, for its part, is also struggling to recover from recent losses. Binance has been under scrutiny in recent weeks and this has impacted BNB's performance.
Total market capitalization remains above $ 2 trillion
Despite the losses seen in recent days, the total market capitalization of the cryptocurrency market remains above $ 2 trillion. Total market capitalization crossed the $ 2 trillion mark again last week after a large rally by the likes of Bitcoin and Ether.
If the bullish cycle resumes and prices point to new all-time highs, the total market capitalization of cryptocurrencies could reach the $ 3 trillion mark for the first time. The fact that the total market capitalization remains above $ 2 trillion is an indication of the level of confidence investors have in cryptocurrencies.