Crypto market cap falls over 8% to $2.7t after recent crypto crash

The overall crypto market cap has gone down more than 8% as major tokens plummet, having yet to recover from the recent market crash.

According to data from crypto.news, the five largest tokens by market cap have failed to recover from the recent crypto market crash that took place on Feb. 24. As a result, the overall crypto market cap has fallen by nearly 8.8% in the past 24 hours, bringing down the amount to $2.73 trillion.

Data from TradingView shows at the beginning of February, the total crypto market cap still stood at $3.1 trillion, but it took a dive on Feb. 24 and fell to levels as low as $2.5 trillion. Since then, the overall crypto market cap has yet to climb back to the $3 trillion threshold, indicating the market has not recovered from the recent crash.

Aside from Bitcoin (BTC), which has fallen below the $80,000 threshold, other major tokens such as Ethereum (ETH), Ripple (XRP), Binance Coin (BNB) and Solana (SOL) are still reeling from the effects of the market crash. Price dips from the largest coins by market cap range from more than 10% to around 7%, excluding stablecoins USDT (USDT) and USDC (USDC).

In the past 24 hours, Ethereum has fallen by nearly 11%. At press time, the second largest cryptocurrency by market cap is trading hands at $2,091. ETH’s market cap has fallen 10.8% to $252 trillion.

Solana suffered a worse fall as it declined by more than 11% in the past day. SOL is currently trading at a price of $126.29, falling more than 50% from its previous all-time high of $293.31. Solana’s market cap has fallen by 11% to $62 trillion.

Following the crypto market’s downward pattern, XRP experienced a decline of 10.5% in the past day and nearly 25% in the past week. The Ripple Labs token is currently trading at $1.99. Its market cap fell by 10.3% to $115 trillion.

Binance Coin suffered the least compared to the other major tokens, as BNB went down by 7.4% to $570.20 in the past 24 hours. In the past week, BNB has decreased by 12.7%. BNB’s market cap currently stands at $83 trillion, having gone down by 7.3%.