Bitcoin (BTC), Ethereum (ETH) and Dogecoin (DOGE) led the recent $50 billion crypto market sell-off as the total market cap of digital currencies dropped below $1.3 trillion. The world’s largest crypto asset, Bitcoin dipped below $32,000.

According to the recent data published by Coinmarketcap, the global crypto market cap lost nearly 4% in the last 24 hours. Currently, the total market cap of digital currencies stands at around $1.29 trillion, which is down from $1.5 trillion on 5 July.

Bitcoin dropped by nearly 3% in the last 24 hours. The total market cap of BTC dipped below $600 billion today. The current market dominance of BTC stands at around 45.5%.

Ethereum, the world’s second-most valuable crypto asset, remained volatile near the price level of $2,000. ETH is currently trading above $1,930 with a market cap of $224 billion.

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“One signal that Ethereum bulls are waiting for is an uptick from active deposits and active withdrawals from known addresses. During the last mini bounce, there was a spike in both but quickly fell. Something more consistent will be a great sign,” the crypto analytics firm, Santiment, mentioned today.

Crypto Network Activity

On-chain activity across Bitcoin and Ethereum networks remained inconsistent during the last few weeks. Few indicators, including mining revenues and hash rate, showed some signs of recovery, but the active crypto addresses have seen a sharp