According to coinmarketcap.com the Global Market Cap for cryptocurrency is just over $1T representing a decline of over 64% in a 24 hour period.
I don't understand how they arrive at this value considering that most major coins lost between 7 - 10% of their value within same timeframe.
Any explanation?
It's only bug and CMC was a garbage site. coingecko was a better site and the total market capitalization was only decreasing around 10%. You should never believe with CMC
https://www.coingecko.com/enThis is always happening when there was a problem with CMC. CMC is often showing bug. Sometimes it doesn't show correct data.
You must try to check another site as well to make sure that that's only CMC got showed that. I hope that rest didn't.