TL;DR Breakdown
- The crypto market suffers yet another blow, losing 6.92% over the last 24 hours.
- Bitcoin stays in the red, losing 7.46% in 24 hours and worrying investors around the world.
- Ethereum loses 11.67% of its price value in 24 hours, drops to lowest level in months.
- Fantom reports massive losses just days after being one of the top gainers in the market.
- Meme Coins, Dogecoin and Shiba Inu lose 7.45% and 9.11%, respectively.
The start of the year 2022 has not been going well for the global crypto market. While only some of the top cryptocurrencies were seeing red in the early days, today on the 6th of January most of the crypto market is in red and the global market cap fell substantially by 6.92% in the previous 24 hours to reach as low as $2.07 trillion.
The downward trend of the crypto market is causing investors and traders to worry. It has become clear now that the amount of trading activity has been consistently increasing. Data shows that the total trading volume rose $116.37 billion, which is an increase of 12.25% in the last 24 hours.
As the crypto market continues to suffer, traders and investors go for flash selling because of the fear that the price value of the crypto assets could depreciate further in the coming days. It is worth noting that in November 2021 the total market capitalization had hit $3 trillion for the first time, giving a new kind of hope to all the investors and traders in the crypto world.
With the global crypto market cap losing almost $1 trillion of its value in the last couple of months and so many factors continuing to negatively influence the crypto market, we all ask ourselves whether the market will be able to recover anytime soon.
Bitcoin plummets down, price value now below $43,000.
The leading cryptocurrency continues to suffer. Losing 9.85% over the last 7 days, Bitcoin has left the investors confused as to whether this is a bad start to the year or will the cryptocurrency continue to fall. The price value of one Bitcoin now stands at $42,832 (at the time of writing this post) after falling 7.46% in the last 24 hours.
Source: CoinMarketCap
While Bitcoin (BTC) still dominates the crypto market and is also the most expensive cryptocurrency in the market, it has reached its lowest levels in months. As we had discussed earlier, it is clear now that money is being pulled out of the crypto markets as traders and investors look to sell their crypto assets with hopes of investing in a safer asset class.
With the bearish run of the crypto market, the market cap for Bitcoin is now less than $810.5 Billion. On the other hand, the 24-hour trading volume of the largest cryptocurrency has reached as high as $44.3 Billion. The price value of Bitcoin continues to fall and investors in the crypto space are left hopeless.
Ethereum follows Bitcoin.
Ethereum (ETH) could not avoid the influence of the downward trend of the crypto market. The second-largest cryptocurrency by market capitalization, ETH suffered a loss of 11.67% in the previous 24 hour period. Not so long ago, ETH had strengthened its position above the $4,000 mark and gained attention from investors and traders around the world.
However, after failing to break past the resistance levels back then, the cryptocurrency suffered major blows and the price value of one unit of ETH now stands at $3,352. The market cap for ETH manages to stay just above $399 Billion after suffering multiple blows.
Source: CoinMarketCap
As everyone will agree, these are substantial losses in the price value. ETH holders around the world will not want this as a new year’s gift from the cryptocurrency they have put their trust in.
Fantom couldn’t escape crypto market’s all out bear attack.
Fantom (FTM) had gained the spotlight after performing so well in the crypto market just days ago. The cryptocurrency reported massive gains to become one of the top gainers in the crypto market even when most of the top cryptocurrencies were finding it difficult to see green. However, Fantom failed to prosper when the crypto market launched an all-out bear attack this morning.
The price value of one FTM token fell down to $2.75 after the cryptocurrency suffered a decline of 11.53% in its price value over the last 24 hours. Despite such a huge fall, the cryptocurrency has seen an overall gain of 25.16% in the last 7 days. The damage caused by the downward trend of the crypto market was not enough to destroy the gains made by Fantom over the week.
Source: CoinMarketCap
While the market cap for Fantom has fallen during the last 24 hours, it remains slightly above the $7 Billion mark. The 24-hour trading volume of the cryptocurrency climbed high to reach $2.86 Billion.
Downward trend of the crypto market hit Meme Coins “Dogecoin” and “Shiba Inu” hard.
As meme coins, Dogecoin and Shiba Inu made it to the top rather sooner than most had expected. When it comes to the largest cryptocurrencies by market capitalization, dogecoin currently takes up the number 12 spot, just above Shiba Inu on the 13th. Both these meme coins, inspired by internet posts and memes on social media platforms, quickly gained the interest of investors and traders in the crypto space.
The bearish crypto market attack did not spare meme coins. The price value of Dogecoin (DOGE) suffered a loss of 7.45% over the last 24 hours to fall down to $0.1564. The investors pulled out which caused the 24-hour trading volume of the meme coin to go above the $1.2 Billion mark. The market cap for DOGE fell down to $20.7 Billion.
Source: CoinMarketCap
Similarly, Shiba Inu (SHIB) suffered from a loss (higher than that of DOGE’s) of 9.11% which caused the price value to fall down to $0.00002966. The investors no longer seem too confident with meme coins as the prices continue to fall.
Source: CoinMarketCap
Final Thoughts
There is hopelessness almost everywhere within the crypto space right now. Confidence is low as the crypto market continues to struggle. While it is only the start of the new year and too early to say where the market is headed, many traders and investors have lost interest in crypto coins.
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