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Saturday, August 13, 2022

Crypto Market Cap Goes Down By 6.7%

The total crypto market cap fell down by 6.7% to reach a sum of $2.72 trillion, with the price of Bitcoin retracting by 8.3% to reach a sum of $58,425. Nevertheless, one could look at the last week’s winners which would give one the impression that the markets of cryptocurrency were still going pretty strong.

The one major link that could crop up between the top gainers of this week seems to be prevalent in the gaming as well as the metaverse sector- which has been on a pretty splendid bull run ever since Facebook went on rebranding to Meta on the 28th of October- signaling its new focus on that particular segment. 

The Crypto Market Cap Went Down Due To Particular Reasons

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It goes without saying that the crypto market cap went down due to a variety of reasons. Gala recently pumped into Huobi and Coinbase listing on the 16th of November. The utility token would then provide power to a decentralized ecosystem of gaming that would provide players a voice in the development and funding phases. CRO has also had its share in the news to justify the price rally. The department of marketing behind the exchange recently splurged close to $700 million to purchase the naming rights to the Los Angeles Lakers Stadium. 

While some protocols went through a good time, the crypto market cap was especially hit hard when a couple of decentralized exchange utility tokens performed the worst of the lot. The only negative news came upon the 9th of November through Caroline Crenshaw, the United States Securities and Exchange Commission Commissioner. The study stated that the crypto sector lacked most of the market protections while raising concerns about market manipulation and pseudonymity. 

Now, while this may not seem very encouraging it shouldn’t be forgotten that Bitcoin and Ethereum were hit pretty badly- so considering that, the crypto market cap did hold up nicely. 

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