The attached overview from Coin360 illustrates the development of the crypto market over the past 7 days. The total crypto market cap currently stands at $830 billion and now numbers more than 21,781 coins.
Bitcoin’s market dominance has remained stable at 37.8%. Bitcoin’s market cap currently stands at $321 billion. Ethereum’s (ETH) market dominance remained stable at 17.7%, while the No. 2 coin’s market cap now stands at $147.7 billion.
Cryptomarket falls towards 2022 low
The crypto market has taken a major beating partly because of the FTX collapse, resulting in the price falling toward this year’s low point.
Currently, the overall crypto market consolidates around a market capitalization of about $788 billion. A reluctant recovery took place in recent months after Luna Terra rocked the crypto market earlier this year. The demise of Luna obviously did not do crypto investors’ confidence any good. After several months of relative calm, Samuel Bankman-Fried caused major turmoil with the FTX scandal last week.
The upside, however, is that excesses are being eliminated and the crypto market is becoming more mature. There are winners, of course: the (better) regulated crypto exchanges and decentralized crypto exchanges and other parties that have their affairs in order.
That there will be more, or better, supervision of crypto exchanges is therefore to be welcomed. This will ultimately improve confidence in the crypto market. Nevertheless, it will take some time.
Therefore, the question is whether the crypto market manages to stay above the support level of the past few months. If so, we can look cautiously upward. If not, the crypto winter will continue for some time.