Bitcoin Hits Lowest Price Since 2020 as Ethereum Nears $2,000

The price of Ethereum dropped by nearly 10% in 24 hours to put it under the $2,100 mark for the first time since July 2021. 

Nearly simultaneously, Bitcoin extended its losses by 7% to hit $28,170—its lowest point since December 2020, when it was in the midst of a massive New Year's rally.

In what's shaping up to be one of the cryptocurrency market's worst weeks in history, Bitcoin and Ethereum have lost 28% and 30% of their value, respectively, in the past seven days.

Terra's LUNA has lost 99% of its value in the past week as Terra's UST stablecoin lost its peg, taking a recently top-10 asset and putting it behind EOS for market capitalization. 

ApeCoin aped into the bear market and lost two-thirds of its value. And last week's Fantom value was a mere apparition; it's down 65%. The list goes on.

But Bitcoin and Ethereum are by far the leaders by capitalization, combining for roughly two-thirds of the total crypto market cap's value.

The crypto market's shrinking market cap, that is. Down 12% over the course of just the past 24 hours, it now sits at $1.24 trillion, its lowest point this year.

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