The crypto markets continued to bleed on Monday, as the total value of all cryptocurrencies dipped below $90 billion. Leading the retreat were bitcoin and ethereum, whose prices both fell by at least 4.5%. Altcoins, as usual, were hit even harder, causing 10 of the top 15 coins to post weekly declines of at least 10%
The markets had spent the past few weeks attempting to stay above the $100 billion threshold, but even that number now appears out of sight. At $87.9 billion, the current total crypto market cap has reached a monthly low. It is also the first time in July the total market cap has dropped below $90 billion.
Despite a slight decline, the bitcoin price had remained relatively stable for the past week. That changed on Sunday when the bitcoin price briefly increased to $2,635. However, bitcoin’s momentum abruptly reversed course, dropping 4.6% to $2,437 on Monday. Bitcoin’s market cap is now just a hair over $40 billion.
