Crypto Market Drops Under $2 Trillion As BTC Fails To Sustain Support Above $42,000

After recovering the $2 trillion milestone in late March, the crypto market capitalization has fallen below it again, owing to the downward trend in nearly all of its key assets, particularly Bitcoin (BTC).

The flagship digital asset, which frequently leads the crypto market, has been trading in the red for the past seven days, going from $45,860 to $41,538, a decline of 9.42% over the week.

According to data gathered from CoinMarketCap, the digital asset’s current price has dropped 2.23% in the last 24 hours.

On April 11, top cryptocurrency trader Rekt Capital highlighted that Bitcoin struggled to successfully retest the two important bull market exponential moving averages (EMAs).

BTC was in the process of retesting two critical Bull Market EMAs as support on April 8, according to Rekt.

It’s also worth remembering that, around the same period, top crypto trade analyst Michal van de Poppe predicted that Bitcoin would head towards $56,000 if it successfully tested the critical resistance mark at around $46,881.

Due to the falling price, Bitcoin’s market capitalization has plummeted, falling from $87 billion seven days ago to $79 billion today, according to CoinMarketCap data.

Since other significant digital assets have recently lost value, the total market capitalization of the crypto market has fallen below $2 trillion, and stands at $1.9 trillion at press time.

The current crypto market capitalisation is down 11.22% from its previous high of $2.14 trillion seven days ago.

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Patrick

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