Turmoil In The Market Continues as Crypto Market Cap Drops to $1 Trillion

The current crypto market size is slightly around $1 trillion compared to about $3 trillion in mid-November of last year. Altcoins are in turmoil while Bitcoin (BTC) leads the road.

After reaching a peak of over $2.8 trillion in November of last year, the crypto market‘s downfall has been in the spotlight as the assets drop under $1 trillion.

If Bitcoin (BTC) follows in this trend at the current value of $21k it is predicted to drop to $20k or even lower.

Other cryptocurrencies are experiencing difficulty, including Ethereum (ETH), the second most valuable cryptocurrency by market capitalization. The changeover to proof-of-stake may fail or be postponed later this year fears are having a continuing impact. The value differential between staked and regular Ethereum (ETH) has the same impact as well.

Ethereum (ETH) has dropped to slightly under $1,200 at present time. In addition to  78.6 Fibonacci, there is further support at roughly $1,100. At around $730 is the next significant support found.

It is not a good time for a lot of the other major altcoins as well. Trading at 0.41 cents Polygon (MATIC), the Ethereum (ETH) layer 2 is down roughly 17% per day. At around $0.38 cents is where the line is drawn at.

One of Ethereum’s (ETH) main layer 1 rivals, Solana (SOL) is experiencing its own crash and is presently changing hands at $26.50. At around $19 is where the line is drawn at.

Celsius, the customer-focused crypto income and lending platform has suffered the most significant losses in the crypto market in recent days.

In the early morning of June 13th, the company hit a pause on all transfers and other activities, as per their announcement and the price is presently down at 48%. During the previous four months, the loss of the CEL token has reached 95% thus making the changes of the company for recovery extremely tough.