Crypto market cap slides under $1 trillion as Bitcoin grapples to hold above $21,000
Since Friday, August 19, when a substantial amount of liquidations took place, affecting the larger cryptocurrency market, the price of Bitcoin (BTC) has dropped by more than 10%. This fall in the price of the flagship digital asset has had a knock-on effect on the total capitalization of the global cryptocurrency market, currently $985 billion, falling back below the $1 trillion mark for the first time.
Meanwhile, the flagship digital asset is currently trading at $21,165, down 1.19% on the day and 12.47% over the past week, with a total market worth of $404 billion. Despite the falling price, Bitcoin’s long position interest continues to hover at its highest levels in the last 12 months. For those looking for the bottom, the last crash was the heaviest capitulation for Bitcoin markets, as identified by crypto analyst Plan C.
