The market capitalization for cryptocurrencies fell by some 12% in the last 24 hours to nearly $970 billion on Monday morning, data from CoinMarketCap shows.
Market capitalization slid 12% in the past 24 hours. (CoinMarketCap)
A similar capitalization was previously seen in January 2021, data shows. In the past 24 hours, bitcoin (BTC) lost 13% while ether (ETH) slid 17%.
Bitcoin dominance increased to over 47% over the weekend, suggesting investors held bitcoin and risked off from alternative cryptocurrencies.
The fall came amid a decline in global stocks after poor U.S. Consumer Price Index data for May was released last week. Inflation rocketed to over 8.3% on a year-on-year basis, denting investor sentiment.
Bitcoin has declined for nearly twelve straight weeks, marking one of the asset’s biggest slides in its lifetime.