TL;DR Breakdown
- Bitcoin falls to $35,000 in an outrageously crashing market.
- Ethereum sheds over 7% and drops over 27% in one week.
- Theta Network goes down by over 20%, Filecoin, BitTorrent, and Solana dip in a bleeding altcoin market.
- UNUS SED LEO gains 2% as the only green token in the top 100 crypto tokens by market cap.
The renowned cryptocurrency market is home to global investors and traders. People are hopping on the crypto bandwagon due to its lucrative nature and high usability. There are over 17,000 cryptocurrencies in the world at the moment. This shows the increase in the market’s expansion and how people adopt cryptocurrencies.
Since the last few years, the crypto market has proliferated. More money has been fed to it, but the volatility of the market has kept it swinging. Many coins made record highs previously, but the market has maintained its unpredictable nature.
In the last 24 hours, the trillion-dollar market has shed over 5.30% in its market cap. This is why the global crypto market cap is down to $1.61 trillion. Almost every crypto token has dipped because of this slide in values.
Bitcoin continues to plunge, but its market dominance increases
The crypto market owes its fame and recognition to Bitcoin, as it is the first and most sought-after crypto token in the industry. The performance of Bitcoin has always remained critical to the market. Moreover, BTC is the most dominant token on the market. Its dominance decreased a few weeks back, but the recent market crash has ensured that Bitcoin’s market dominance is on the rise again.
BTC’s dominance stands at 41.2%, rising from below the 40% mark. The altcoins are depleting in a red market, leading to the rise in Bitcoin’s dominance. Nonetheless, the value of Bitcoin itself is going through a significant critical point. No one would have imagined the coin plunging to the $35K mark a few weeks back. But the unpredictable market has ensured that the coin has dropped drastically below that level.
Source: TradingView
The graph above shows how Bitcoin has slid majorly in the last week. The weekly price change for Bitcoin is negative 18.70%. The coin dropped from over $42,000 to below $35,000. The market capitalization of the coin has also experienced a major dent. It is now down to $665 billion. The 24h trading volume of the coin is over $38 billion. By the standards of Bitcoin, these figures are alarming and concerning.
ETH continues to post red candles and hits a low of $2,400
Ethereum is among the top global digital assets. However, the performance of ETH somewhat concerning at the moment. The coin has not only shed all of its gains over the past few months, but it is now over 50% down from its all-time high value. The leading altcoin is among the topmost wanted blockchains as well. Thus, the downfall of the coin has aided the already panicking crypto market.
ETH slid below to around $2,350 in the last 24 hours, dropping over 7%. However, the coin is currently valued at around the $2,400 mark. Ethereum has dropped over $800 in the last couple of days, as it was priced at over $3,200 on January 20. It has now dropped over 27% in the last 7 days.
Source: TradingView
The market cap of the coin is now below $289 billion, and its trading volume is under $27 billion. Ethereum’s market dominance has also decreased significantly after dropping below the 18% mark. The coin lacks momentum and might plunge further under these circumstances.
THETA consolidates by over 20%; BTT, FIL, and SOL also post significant losses
The market has painted red in the last 24 hours, as there are significant losers in the list for crypto tokens. THETA is among the top losers of the market, as the coin has shed over 20% over the previous day. The weekly tally for the coin’s losses is now over 32%. Such major losses are a concerning factor for any coin on the market. THETA is currently valued below the $2.80 mark.
Source: TradingView
Standing at #43 on the list of top cryptos by market cap, THETA has suffered a blow in its market cap as well. It is down to $2.75 billion for 1 billion THETA tokens in circulation. On the other hand, the trading volume for the coin is $595 million.
In addition to THETA, BitTorrent (BTT) has also lost majorly. The coin slipped almost 17% to touch $0.0021 in the market. The weekly loss for the coin is only 18% despite losing 17% in one day. The last day has been decisive for the coin to trigger a bear pattern. Previously, the coin was resisting hard against the forced bear trend in the market.
On the other hand, FIL and SOL also crashed hard in late trading hours. FIL went down by 15.71% to $18.97. The weekly losses for the coin mounted to almost 36.50%. Solana (SOL), one of the most prolific performers of the last year slid majorly as well. It went below the $100 mark which is a major concern for the coin. After a crash of 15.95%, the coin is valued at $94 in the market.
LEO becomes the only green coin in the top 100 crypto tokens
Almost every coin and token has lost a significant portion of its value. Major renowned tokens have shed double-figure percentages during the previous day or so. UNUS SED LEO is the only coin in the list of top 100 crypto tokens by market cap that has posted green candles in the last 24 hours. The coin has gained 2% to reach $3.63.
LEO is still 4.70% below its last week’s price. The trading volume of the coin is at $4.50 million, and its market cap is now over $3.44 billion. LEO stands at number 35 in the list of top cryptocurrencies. Its healthy price development might attract more investors and traders to explore a rather unpopular coin.
Besides LEO, there is no coin that has progressed in the last 24 hours. Be it meme coin projects or metaverse and gaming projects, almost every token has taken a hit lately. This is a rather rare occasion in the market but it has left the investing sector in a state of shock.
Final Thoughts!
The lack of momentum in the market during the previous few weeks meant a crash was on the way. However, it looks more deadly once it is here. Billions of dollars are liquidated in the market as investors and traders continue to lose their positions. It is yet to be seen if the market manages to recover from this point in the coming days. As of now, the market is struggling from uncertainty and instability of high levels.
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