Cryptocurrency market value slumps under $1 trillion

• Global cryptocurrency market cap falls under $950,000,000,000.
• Investors sold out riskier assets in the previous two months.
• The technology that underpins cryptocurrencies has significant uses in industries.

According to the statistics website CoinMarketCap, the value of the cryptocurrency market on Monday dropped below $1 Trillion for the first time since January 2021, dropping as low as $950,000,000,000.

The market for cryptocurrencies as a whole reached a peak of $2.9 trillion in November 2021, but it has since sputtered. Due to soaring inflation and concerns that central bank interest rate increases will stifle growth, investors sold out riskier assets in the previous two months alone, causing it to lose $1 trillion in value.

The largest cryptocurrency, Bitcoin, was down more than 7% on the day, falling to an 18-month low of $18,452. It is down by around 50% so far this year. Smaller coin ether fell over 10 percent to $1,295.

Initially seen as havens for criminals and money launderers, cryptocurrencies have advanced significantly in terms of both technology and acceptance. According to predictions, the market capitalization of cryptocurrencies might reach $1–2 trillion in 2018. 

According to reports, the technology that underpins cryptocurrencies has significant uses in industries as diverse as media and healthcare. Though blockchain technology was conceived as part of Bitcoin in 2009, there may be many other applications. 
Technology consulting firm CB Insights has identified 27 ways it can fundamentally change processes as diverse as banking, cybersecurity, voting, and academics. The Swedish government, for example, is testing the use of blockchain technology to record land transactions, which are currently recorded on paper and transmitted through physical mail.

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