The global cryptocurrency market cap is $1.97 trillion, a 0.13 percent increase over the last day. The total crypto market volume over the last 24 hours is $71.09 billion, a 22.95 percent decrease. The total volume in Defi is currently at $13.29 billion, 18.69 percent of the total cryptocurrency market’s 24-hour volume.

The volume of all stablecoins is now $54.76 billion, which is 77.04 percent of the total crypto market’s 24-hour volume. Bitcoin’s price is currently Rs 33.90 lakh, and its dominance is 40.33 percent, a decrease of 0.16 percent over the day. 

The cryptocurrency market continued to slide over the weekend as expectations of an early rate hike from the Federal Reserve hurt investor sentiment. That said, on Monday, the digital token cart was seen recouping some losses.

In the past week, Bitcoin has decreased over 10 percent and is priced at around $42,000. In the same period, Ethereum has lost nearly 17 percent. It is trading at $3,164.

Ethereum has gained 1 percent in the last day. In the last 24 hours, Solana is up around 2 percent to $143 and Polkadot has increased 3 percent to $24.91.

Terra has gained 3 percent in the last day to touch $72.03. Dogecoin has shed nearly 12 percent in the last week and is trading at $0.15.

January is usually considered a weak month for bitcoin but the recent drop was quite harsh, even for 13-year old cryptocurrency. Many analysts suggested even a steeper sell-off for the world’s oldest cryptocurrency.

“On the daily timeframe, Bitcoin can be seen trading within a descending channel pattern. Immediate support is expected at the $40,000-mark. The RSI is also at its lowest since May 2021, indicating Bitcoin is in the extreme oversold zone.

Meanwhile, Bitcoin whales are making most of this dip and continue to accumulate Bitcoin. The whale activity has increased considerably since November of 2021,” said the WazirX trade desk.

“Bitcoin hasn’t been able to get the support it usually sees at the top of the month, and correlations broke down a bit, which is why we have seen the asset continue to slide downwards since the start of the year.

Given that Bitcoin is the king of the crypto space, and it has been underperforming for a while now, it would be safe to assume that the next rally would most likely have to be a BTC-led one. For Bitcoin, support 2 at $35,000, Support 1 at $40,000, Resistance 1 at $45,000 and Resistance 2 at $53,000,” said ZebPay trade desk.

The market was roiled last week by the release of Federal Reserve minutes signaling that officials at the U.S. central bank were starting to discuss whether to take more aggressive steps to tackle an inflation rate now at its highest in almost four decades.

Many investors say bitcoin has benefited in recent years from the Fed’s ultra-loose, emergency monetary policy since the coronavirus hit the economy – including printing more than $4 trillion to bolster ailing traditional markets. So a reversal of those policies was seen as a fresh headwind for bitcoin. 

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