TL;DR Breakdown
- Bitcoin stays below $42,000 as the global crypto market cap plunges below $2 Trillion.
- Ethereum moves around $3,200, losing 0.80% in the last 24 hours.
- Cosmos sheds almost 13%, as Fantom, Helium, and Hedera lose over 7%.
- Internet Computer stands out with over 8% in gains, Aave and Solana also turn green.
The cryptocurrency market is expanding rapidly. In the last few years, the digital asset industry has grown substantially. More than 16,000 tokens are added to the sector, making it a primary global financial market. There are hundreds of exchanges that provide crypto-related services.
However, all that glitters around the crypto industry is not gold. The market has recorded major gains in the last few years, but it also goes through patches of recession and bear patterns. As a result, significant investments are pulled out of the market. Over the last few weeks, the progress of the crypto market remained sluggish. Several tokens have lost and gained, yet clouds of uncertainty are hovering around the industry.
Bitcoin fails to improve, stays under $42,000
Since its invention in 2009, Bitcoin has been advocated as the most prominent digital asset globally. Even with thousands of crypto tokens, Bitcoin continues to lead the market by a fair margin. Its price trajectory is known to influence and trigger patterns of other coins as well. However, Bitcoin faced a major price crash earlier this week. Since then, the token has struggled to grow in its value.
The global crypto market cap has further decreased to plunge below $1.98 Trillion. This recession is major as the industry’s market cap went over a record $3 Trillion a few months back. Furthermore, Bitcoin is currently trading a little under $42,000 after decreasing by 10.50% in the last seven days.
Source: TradingView
There are over 18,923,000 BTC coins in circulation at the moment. The market cap of these coins is currently around $792 Billion. Moreover, Bitcoin’s trading volume has also decreased, sliding under $50 Billion. Nonetheless, in a positive development, the market dominance of Bitcoin has increased to 40%. To trigger a bull run, the coin has to cover its losses of the last couple of weeks. Otherwise, another major dip might come its way.
ETH trades around $3,200, loses almost 14% in one week
As the overall market went through a recession phase, Ethereum also faced hurdles in moving back up. The leading altcoin outperformed Bitcoin for some time, as its dominance also increased. Yet, the coin failed to capitalize on that, as capital outflow was raised from the investors. In the last 24 hours, ETH’s dominance has decreased to 19.20%.
Moreover, ETH is currently priced at $3,200. The coin has progressed by 0.79% in the last 24 hours, which is not significant compared to its recent price crash. The coin’s trading volume and market cap also faced a major dent. Its market cap is below $382 Billion, and its 24-hour trading volume is close to the $17 Billion mark. The chart below shows how ETH has majorly fallen from over $3,800 to below $3,200 within the last 5 days.
Source: TradingView
ATOM slid below $38, FTM and HNT also shed their value
Most of the tokens in the cryptocurrency market have recorded losses in the last day. ATOM was one of the most significant losers in the market. It recorded a loss of almost 13% and was valued at around $37.50. ATOM had recorded significant gains in the last week and was among the top performers in an uncertain market. This is why the coin has increased 10.50% in its weekly price change even after shedding majorly.
With over 226 Million ATOM tokens in circulation, its market cap is over $8.50 Billion, and its trading volume is a little under $2.30 Billion. The chart below shows how ATOM is decreasing in value after recording high. A similar pattern is observed twice in the 5-day chart below.
Source: TradingView
On the other hand, FTM has lost in double-figure percentages. The coin has almost 10.90%, and it is market around $2.50, at the time of writing. Like ATOM, FTM was also one of the most prominent performers over the last couple of weeks. The token is still 7.70% above its previous week’s price. Its market cap stands at over $6.40 Billion. At the same time, its trading volume is a little over $1.20 Billion.
Helium’s HNT has shed almost 7.50%, as its weekly losses have mounted up to nearly 12%. HNT’s market cap and trading volume have also sufficed a significant dent in the last 24 hours. In addition to that, Hedera’s HBAR has lost 5% and is priced around $0.27. Other losers include AVAX, MANA, NEAR, and MATIC.
ICP performs well with prominent gains, AAVE and SOL follow
If you surf through the list of top cryptocurrencies, only a small number of them have managed to record green candles since the last day. Internet Computer (ICP) was the most prominent performer with gains of almost 8%. ICP is valued a little below $32 at the time of writing. The ICP USD graph below shows how the coin has advanced in the last week. It has progressed by almost 28% during the previous 7 days.
Source: TradingView
The coin’s market cap and trading volume are about $6.08 Billion and $803 million, respectively. ICP has been the only standout performer in the crypto market for the last few weeks. Therefore, it has gained more traction from investors and traders.
Moreover, AAVE has also gained almost 6.20%, pushing its price to nearly $224. The coin is recovering from its price crash earlier this week. AAVE is ranked 49 on the list of top cryptocurrencies, and it has gone through major price fluctuations lately.
On the other hand, SOL gained over 4% to reach $145. One of the most losing coins of the last week is now staging a slow recovery that might be a good sign for its holders. CAKE and XRP also turned green in late trading hours, gaining over 3% and 2%, respectively.
Final Thoughts!
The cryptocurrency market continues to struggle, and the price trajectory of several coins depicts that. As BTC and ETH are repeatedly failing to cross local resistance levels, investors are growing cautious of more losses that might come their way in the coming days. However, the start of next week will show how they might perform throughout January. If BTC fails to hold strong positions, another price crash might shortly hit the digital asset industry.
