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Recent trends in the crypto market are not as encouraging as the start of the financial year 2021. The current dip has depressed the crypto market’s value significantly, with almost every coin selling below its ATH. Unless the market rebounds, the probability of an overnight breakout of crypto prices is minimal compared to the stock market.
Cryptocurrencies Join the Global Stock Market in Dark Times
The current situation in the crypto market makes it almost identical to the stocks market, where the chances of an unprecedented breakout are diminishing. The crypto market has been losing value continuously for several weeks, which has brought its value down to about $2T from about $3T. As of now, the expectancy of a sudden breakout in prices of any coin is at the floor level, with leading coins losing value over the past 24 hours.
BTC, the largest coin by market capitalization, has been down by about 1.8 % since yesterday. Ethereum is also down by about 2.5%. This market drift echoes the continuing depression in the global stocks market. The crypto market is in a bear market, while stocks are down due to fear of increased interest rates.
Some rumors are circulating that there is a high chance for the United States government to increase interest rates to fight inflation. However, since the US was widely closed yesterday for Martin Luther King Day celebrations, the economic news was also slow. But no one is certain if the stocks will rebound by next week.
How the Crypto market is Performing Today
At the time of writing the value of the whole market was down to $1,989,230,365,961 from Yesterday’s $2,042,413,318,156. BTC also closed yesterday at $42,250.55, a drop from $43,113.88, which happened on JAN. 16, 2021.
At this time last year, BTC closed the day at $36,630.08. However, the market was more promising since the coin was gaining value, unlike now. Its total market capitalization is now at 790.6 B, a significant drop from the November figure of slightly over $1.2T. This value is low compared to gold which has a market cap of $11.533T.
However, the coin is exhibiting healthy trading volumes since its value stands at $23,194,880,865.01, an increase of 14.29% over the past 24 hours. The high trading volumes usually indicate that a significant price movement is gaining support. Now BTC may sustain this price for some time.
Even though it is gaining support above $40K, the coin is still in a red zone compared to 2021’s market. Its volatility within the past month is about 41.4%. Its market sentiment is at 24, extreme fear today. Its market dominance is 39.89, close to its all-time lowest figure of 37.09 from JAN. 8, 2018.
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