Cryptocurrencies lose nearly $21 billion in total market cap in Sunday selloff

Fibo Quantum

Cryptocurrencies were not immune from the massive selloff late Sunday, losing nearly $21 billion in market capitalization as oil prices plunged and global markets sank.

The total value of the world’s cryptocurrencies was about $251.5 billion as of Saturday night, according to CoinMarketCap.com. Twenty-four hours later it was down to $230.8 billion.

While Sunday’s moves were sharp, crypto prices have been falling over the past month, as coronavirus fears have rattled global markets.

Cryptos weren’t alone in having a miserable Sunday: crude oil prices
CLJ20,
-11.54%

plunged 30% as a price war between Saudi Arabia and Russia appeared to break out, and Dow Jones Industrial Average
YM00,
-0.82%

and S&P 500 futures
ES00,
-0.96%

sank.

See: U.S. stock futures fall as crude oil prices plunge 25% on price-war fears

The price of bitcoin
BTCUSD,
-3.65%

, the world’s largest cryptocurrency by market cap, was down 3.1% on Sunday night, to $7,984 — and down more than 8% in the previous 24 hours, according to CoinMarketCap.com. Though bitcoin is off 18% over the past month, it’s still up 12% year to date.

Ethereum
ETHUSD,
-3.49%

was down 5.1% late Sunday (12.9% in 24 hours). But still, it’s up more than 56% in 2020.

Other leading digital currencies falling Sunday include Ripple
XRPUSD,
-2.89%

, bitcoin cash
BCHUSD,
+3.50%

, Litecoin
LTCUSD,
-3.01%

and Monero
XMRUSD,
-3.39%

. Ripple is down 24% over the past month, while bitcoin cash is off 41%, and Litecoin and Monero have each fallen more than 30%. But each of those currencies is still in positive territory for the year, thanks to an early February rally.

On Feb. 9, bitcoin passed the $10,000 mark for the first time since September, leading some to speculate that another run to huge gains could be in store. That has not happened, and bitcoin’s price is now lingering around where it was in early January, below the $8,000 level.

Read: Bitcoin recently topped $10,000 but don’t expect a run to the 2017 record