Global Crypto Market Cap Holds Steady After Extreme Fall
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- Global crypto market capitalization stood at $1.97 trillion.
- Bitcoin is up 0.33% in the last 24 hours.
Over the weekend, the crypto market continued to decline as investors became more pessimistic about an early Federal Reserve rate rise. However, on Monday, the digital token cart recovered some of its losses.
Global crypto market capitalization stood at $1.97 trillion, stabilizing the second day in a row, gaining 0.82% over the last day. There was a 23% drop in the entire crypto market volume to $71.19 billion. DeFi’s 24-hour volume presently stands at $13.29 billion, or 18.69 percent of the global cryptocurrency market. At $54.76 billion, stable coins make up 77.04 percent of the cryptocurrency market’s 24-hour volume.
Global Cryptocurrency Charts (Source: CoinMarketCap)
Over the weekend, Bitcoin’s decline continued, as did that of most speculative assets. For the first time since late September, the biggest cryptocurrency’s market value reached $40,000, reducing its losses from a high barely three months ago to approximately 42%.
BTC/USDT Price Chart (Source: TradingView)
Read More: Bitcoin Price Prediction — Will BTC Hit $85K Soon?
All major cryptocurrencies continued to lose value this week, stretching the decline that began in early December. Today, as a sigh of relief, most significant coins were striving hard to bounce back and were trading flat instead of a further massacre.
All Eyes on US Inflation Report
The founder of New York-based asset management company Aike Capital, Alex Kruger, warns that if Wednesday’s U.S. inflation report is greater than expected, Bitcoin (BTC) might drop as low as $30,000 before recovering to its previous level. According to CoinMarketCap, the Bitcoin price today is $42,023.35 USD with a 24-hour trading volume of $21,168,916,966 USD. BTC is up 0.33% in the last 24 hours.
Similar is the situation of Ethereum. Support levels like the 200-EMA and $3600 psychological threshold were destroyed during the latest bloodbath for ETH. Price of Ethereum fell sharply today. Still, it rebounded quickly, breaching the 50% Fibonacci retracement mark, signaling the start of an extended corrective period. According to CoinMarketCap, the Ethereum price today is $3,163.19 USD with a 24-hour trading volume of $12,034,323,950 USD. Ethereum has been up 1.10% in the last 24 hours.
Read more: Ethereum Price Prediction — Will ETH Hit $5.5K Soon?
It is worth mentioning that most of the major coins in the top 15 were striving hard and were seen in green, with AVAX and Polygon gaining the most, 4.64% and 5.23%, respectively, at the time of writing.
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