The start of 2022 did not go well for the global crypto market. While only some of the best cryptocurrencies were initially colored red, today, January 6th, most cryptocurrencies are colored red and the global market cap has dropped significantly by 6.92% to $2.07 trillion in the last 24 hours.
The downtrend in the crypto market worries investors and traders alike. Meanwhile, it became clear that the volume of trading activity continued to increase. Data showed that total trading volume increased $116.37 billion, an increase of 12.25% in the last 24 hours.
As the crypto market continues to suffer, traders and investors are turning to quick sells for fear that the price of crypto assets could drop further in the coming days. It should be noted that the total market cap reached $3 trillion for the first time in November 2021, which gives new hope to all investors and traders in the crypto world.
With the global market cap of cryptocurrencies losing nearly $1 trillion in value in the last few months and so many factors continuing to negatively impact the crypto market, we are all wondering if the market can recover any time soon.
Bitcoin is down sharply, its price is already below $43,000.
Leading cryptocurrencies continue to suffer. With a 9.85% loss in the last 7 days, Bitcoin has left investors confused as to whether this is a bad start to the year or whether the cryptocurrency will continue to fall. The bitcoin price is now $42,832 (at the time of writing) after falling 7.46% in the last 24 hours.
Bitcoin (BTC) still dominates the crypto market and is the most expensive cryptocurrency on the market, but has hit its lowest level in months. As mentioned earlier, it is now clear that money is being pulled from the crypto market as traders and investors seek to sell their crypto assets in hopes of investing in safer asset classes.
With the decline in the crypto market, Bitcoin’s market cap is now less than $810.5 billion. On the other hand, the 24-hour trading volume of the largest cryptocurrency stands at $44.3 billion. Bitcoin prices continue to fall and investors in the crypto space remain desperate.
Ethereum follows Bitcoin.
Ethereum (ETH) cannot escape the effects of a downtrend in the crypto market. As the second largest cryptocurrency by market cap, ETH has suffered an 11.67% loss in the last 24 hours. Recently, ETH strengthened its position above $4,000 and attracted the attention of investors and traders around the world.
However, having failed to break the resistance level at the time, the cryptocurrency took a major hit and the price of one unit of ETH is now $3,352. After many setbacks, the market cap of ETH remains at over 399 billion dollars.
As everyone would agree, the loss of value is significant. ETH holders around the world would not want this as a New Year’s gift from the cryptocurrency they trust.
Fantom cannot escape all the attacks on the crypto market.
Fantom (FTM) is in the spotlight after doing well in the crypto market a few days ago. The cryptocurrency is reporting huge gains and being one of the best gainers in the crypto market, even if most of the top cryptocurrencies find it hard to see green. However, Fantom failed to thrive when the crypto market launched an all-out sword attack this morning.
The price of the FTM token fell to $2.75 after the cryptocurrency fell 11.53% in the last 24 hours. Despite the huge drop, the cryptocurrency has seen an overall gain of 25.16% in the last 7 days. The damage caused by the downtrend in the crypto market was not enough to destroy Fantom’s gains for the week.
Even though Fantom’s market cap has fallen in the last 24 hours, it’s still above the $7 billion mark. 24-hour trading volume for cryptocurrencies rose to $2.86 billion.
The “Dogecoin” and “Shiba Inu” meme coins hit the crypto market.
As meme coins, Dogecoin and Shiba Inu reached the top earlier than expected. In terms of the largest cryptocurrencies by market cap, Dogecoin is currently in 12th place, just ahead of Shiba Inu at 13th. Both memes, inspired by online publications and memes on social media platforms, quickly caught the interest of investors and traders. woke up in the crypto space.
The bearish attack on the crypto market didn’t save the meme coin either. The price of Dogecoin (DOGE) has lost 7.45% in the last 24 hours, falling to $0.1564. Investors pulled back, forcing the 24-hour meme trades above $1.2 billion. DOGE’s market cap fell to $20.7 billion.
Likewise, SHIB INU (SHIB) suffered a loss (bigger than DOGE) of 9.11%, causing the price to drop to $0.00002966. Investors seem to be less confident in memes anymore as prices continue to fall.
Today, there is desperation almost everywhere in the crypto space. Confidence is low as the crypto market continues to struggle. Even though it’s just the start of the New Year and it’s too early to tell where the market is going, many traders and investors have lost interest in cryptocurrencies.