After briefly reaching the $2 trillion level in late March, the crypto market capitalisation has fallen below this threshold, owing to the downward trend in virtually all of its key assets, most notably Bitcoin (BTC).
The market’s main digital asset BTC has been trading in the red for most of the previous week, falling from $45,860 to $41,538 on Monday, April 11, 10:50 GMT, a 9.42% decline over the week.
Bitcoin seven-day price change. Source: CoinMarketCap
According to data gathered from CoinMarketCap, the digital asset’s current price also demonstrates a 2.23% decline over the last 24 hours.
On April 11, top cryptocurrency trader Rekt Capital highlighted that Bitcoin has failed to effectively retest the two crucial bull market exponential moving averages (EMAs).
Bitcoin failed to retest bullish EMA. Source: Rekt Capital
On April 8, Rekt noted that BTC was retesting two Bull Market EMAs as support.
Additionally, around the same time, crypto trade expert Michal van de Poppe said that Bitcoin would trend towards $56,000 if it successfully tested the pivotal resistance level at about $46,881.
Bitcoin’s price impact on market capitalisation
As a result of the falling price, Bitcoin’s market value has plummeted from $87 billion seven days ago to $79 billion today, according to CoinMarketCap statistics.
As the value of the majority of other key digital assets has lately declined, the total market capitalisation of the cryptocurrency sector has fallen below the $2 trillion level, standing at $1.9 trillion as of this writing.
Seven-day total crypto market capitalisation. Source: CoinMarketCap
The current cryptocurrency market capitalisation is down 11.22% from seven days ago when it stood at $2.14 trillion.