As Bitcoin, Ethereum, and Solana decline, the cryptocurrency market falls below $1 trillion.

With Ethereum, Bitcoin, and other leading currencies losing some of their recent gains, prices are dropping once more after a week of advances throughout much of the cryptocurrency market. As a result, the total market valuation has dropped below $1 trillion for the first time in many days.

According to CoinGecko, a well-known cryptocurrency price tracker, the total market value of cryptocurrencies as of this writing is $994 billion. It has fallen below $1 trillion for the first time since July 17 with an almost 6-percent daily decline.

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The greatest loser among the top 10 cryptocurrencies by market size, according to the website, is Ethereum (ETH), which has dropped 10% in the last day to a price of $1,366.

The date of the “merge,” an upgrade that is anticipated to lower transaction fees for network users and perhaps restrict the amount of ETH, is becoming more predictable, which is one reason why Ethereum was the top gainer among leading cryptocurrencies last week.

Over the past seven days, Ethereum has lost 13 percent of its value.

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Cardano (ADA) has lost 6 percent of its value today at $0.45 per coin, while Solana (SOL) is down roughly 8 percent at a current price of $35 per coin. Even if the decline in the price of Bitcoin (BTC) today was not as significant, it nevertheless fell by about 5% to $20,928 per coin for the week.

As Decrypt reported early this morning, DeFi tokens—the kind used in non-custodial borrowing, lending, and trading apps—have experienced significant drops over the previous day outside of the top 10 currencies. Uniswap’s token (UNI) has dropped more than 14% to a price of $6.25, while Lido DAO’s token (LDO) has lost 17% of its value today at a current price of $1.30.

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Axie Infinity’s AXS governance token and ApeCoin (APE), both prominent gaming and metaverse tokens, are also seeing price declines today. ApeCoin (APE) is down 13% to $5.47, The Sandbox’s SAND token is down 9% to $1.14, and Axie Infinity’s AXS governance token is down roughly 8% to $14.63. Additionally, the price of MATIC, the native token of the Ethereum sidechain Polygon, has decreased by about 11% today to $0.73.

The collapse of the Terra (LUNA) cryptocurrency and its linked UST stablecoin, together with unfavorable macroeconomic conditions in other financial markets, sent the cryptocurrency market into a tailspin that is still ongoing.

As a result of recent steep price declines, several currencies are now trading much below their all-time highs. For instance, Bitcoin is now about 70% lower than when it peaked, while Ethereum is down 72%. Both records were reached in November of last year, when the total cryptocurrency market momentarily crossed the $3 trillion threshold for the first time ever.

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