Market-wide portfolio derisking and selling pressure across the global crypto market showed no signs of stopping as the total crypto market cap fell down to $1.51 trillion on January 22 from above $2 trillion a week ago. Bitcoin’s price slid under $35K and Ethereum was down to the $2300 price level from the $40K and $3K levels (7-days back) respectively. Nonetheless, a new week seemed to bandage the recent losses as Bitcoin noted minor gains, while altcoins appeared to be rallying.
After the two consecutive days of price slides, bitcoin has reclaimed some ground and stands around $36,000. The altcoins have reacted even better with notable double-digit price gains from Terra, Avalanche, Shiba Inu, and many others.
Amazon.com Inc. (AMZN) fell to support at the September 2020 and March 2021 lows at the close of Friday’s session, raising odds for a breakdown from the 18-month topping pattern. It’s typical for stocks to bounce at least once at a major support level but Netflix Inc. (NFLX) defied that expectation when it ripped through 475 on Friday. Of course, almost anything is possible right now, with the S&P Volatility Index closing in on 30.
The altcoins suffered even more than BTC in the past few days with massive price drops. Now, though, most are well in the green on a daily scale.
Ethereum went down by roughly $1,000 in two days, bottoming at $2,300. Now, though, ETH has added more than $200 of value and sits above $2,500. More similar gains come from Ripple and Solana.
On the other hand, Binance Coin, Cardano, Polkadot, Dogecoin, and MATIC have recovered around 10% each. More gains come from Terra (20%), Avalanche (13%), and Shiba Inu (21%) on a daily scale. SHIB is up by approximately 40% since yesterday’s low, though.
