The new week in the cryptocurrency market begins again in a gloomy mood. The sell-off continues, as a result of which bitcoin prices went below the psychological level of $20,000. This has happened for the first time since December 2020.
Only in June, bitcoin has already lost 37 percent. The loss reached 57 percent, counting from the beginning of this year. In the case of this virtual currency, the level of $20,000 is significant because it marked the peak of the cycle of 2017. The substantial price decline is due to the difficulties of several notable players in the industry, and further discounting may cause a domino effect.
The total market capitalization of cryptocurrencies is currently around $870 billion, according to Coinmarketcap data. It was at a historical peak of $2.9 trillion in November 2021.
Tether, the world's largest stablecoin, saw its market capitalization fall to about $68 billion on Monday from more than $83 billion in early May.