Cryptocurrency Market Cap Slumps Under $1 Billion Again

The crypto market capitalization momentarily fell to $950 million.

Cryptocurrency Market Cap Slumps Under $1 Billion Again

According to CoinMarketCap, the total cap of the cryptocurrency market fell by 6% over the last 24 hours. The value of the first cryptocurrency was momentarily falling to $19,800.

Bitcoin (BTC) has dropped 9% in the last 24 hours and is trading at $20,000 as of 12:00 (GMT+3) on September 15. Meanwhile, Ethereum (ETH) is down by 7% in the run-up to the long-awaited Merge. So, ETH dropped momentarily to $1,572 over the past 24 hours.

Among the top 10 coins by CoinMarketCap, Solana saw the biggest drop in the last 24 hours. SOL lost about 13% and was down to $33. However, as of this writing, the token shows growth and is trading at $34.

The market decline was affected by the recently released CPI figures in the U.S., which show that inflation isn’t declining, and the Fed will continue raising interest rates. It’s worth noting that rumors about a possible decrease in inflation rates in August positively affected the crypto market indicators. For example, BTC rose 15% on September 10 and 11, but the report’s publication lowered the price by 4% on September 13.

The latest fall of the crypto market cap below $1 billion was observed in early June this year. It was due to a decrease in BTC rates.

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