It’s another bloodbath on the cryptocurrency-market. Bitcoin (BTC) made a decent crash last night and most altcoins descend a little harder. First the stock markets fell and then the crypto market was also pulled down. The correlation between the two financial markets has been very high for some time now.
The total market cap of all crypto is back below $2 trillion for the first time since late September. Total market cap lost more than $200 billion overnight and fell to $1.94 trillion this morning.
GM Bears 🐻
Daily Market overview.
Market cap: $1,94T -7,51%⬇️
SPOT Volume 24h: $59,4B +38,7%⬆️$ BTC dominance: 37,70% -0,38%⬇️
Fear & Greed Index: 19 Extreme Fear😱 on the Market. Most projects in loss🔴#Bitcoin $ BTC $ ETH #Ethereum pic.twitter.com/8ax3nEN7kh— IT Tech (@IT_Tech_PL) January 21, 2022
Ethereum and top 10 prices fall sharply
Ethereum (ETH) peaked around $3,270 yesterday afternoon, then slumped as low as $2,800. It was a whopping 14.3% drop and the lowest price since the dip in late September, shortly before the price started its October rally. Ether is currently trying to recapture $2,900 but already seems to be running into resistance.
$ BTC and $ ETH are showing an extremely high correlation to the Nasdaq 100 of 0.86
The historical correlation between crypto and traditional assets is important to track to understand how macro markets affect crypto, and how their relationships evolve. https://t.co/Wx8RxQwatF pic.twitter.com/Vfkns3daJ1
— IntoTheBlock (@intotheblock) January 20, 2022
Binance coin fell about 13% last night to a low of $415 and is currently battling with $430. Cardano (ADA) even fell 15.5% overnight to $1.20 and is now trying to grab $1.25. Solana (SOL) fell as much as 16% to USD 120 last night, then rebounded slightly but is losing traction at USD 125 at the time of writing. Ripple (XRP) was down 10% to $0.688 and Terra (LUNA) fell 11.5% to $75. Polkadot (DOT) lost 13% of its value, falling to $22.
Solana NFT total sales volume crosses $1 billionhttps://t.co/Lq0VR9LrhY
— The Block (@TheBlock__) January 19, 2022
Just outside the top 10, we see dogecoin (DOGE) drop 13% to USD 0.148, but the price is now rising slightly to USD 0.154. Avalanche (AVAX) even lost 15.5%, dropping to $74.4. Shiba Inu (SHIB) is down 12.5% to $0.0000257. Polygon (MATIC) is even down 16% and briefly dropped to $1.84.
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Hardest fallers top 100
Then we have a whole series of prices in the top 100, which fell even harder last night. Chiliz (CHZ), litecoin (LTC), ftx token (FTT), elrond (EGLD), internet computer (ICP), vechain (VET), filecoin (FIL), decentraland (MANA), fantom (FTM), graph (GRT ), convex (CVX), stacks (STX), arweave (AR), radix (RDX), iota (MIOTA), ecomi (OMI), and yearn finance (YFI) all lost 15 to 16% of their value over the past year. night.
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➡️ Security improvements, with detailed write-up
➡️ Improved multi-chain UI/UX
➡️ Support for a new chain 🚀https://t.co/d7bs3UzFzB– dudesahn 🐶 🔊 (@dudesahn) January 20, 2022
Amp (AMP), flow (FLOW), theta (THETA), zcash (ZEC), aave (AAVE), algorand (ALGO), enjin coin (ENJ), gala (GALA), chainlink (LINK), and sandbox (SAND) even lost about 17% of their value. Curve (CRV), pocket network (POKT), near (NEAR), harmony (ONE), thorchain (RUNE), quant (QNT) dropped more than 18% and loop ring (LRC) even fell almost 20%. Secret (SCRT), which rose sharply last week and then entered the top 100, is the biggest loser today and is 22% down.
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— 𝕊ecret Network – Shockwave is Here ⚡🌊 (@SecretNetwork) January 19, 2022
TOP-15 COINS BY TRENDING SEARCH ON @BINANCE!#BNB $BNB $FTM $DOT #BTC $ BTC $ LOKA #ETH $ ETH $ADA $ SHIB $SOL $MATIC $ATOM $ MANA $AVAX $LUNA $DOGE pic.twitter.com/H6Me546Ce7
— CryptoDiffer (@CryptoDiffer) January 21, 2022
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