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Bitcoin has fallen below $34,000 after hitting a slight rebound over the weekend. The price drop is the latest episode in a brutal start to 2022 for the entire crypto market.
On January 22, Bitcoin fell to $34,500 before rebounding slightly to open today at a price of $36,300. The optimism has been short-lived, however, as the leading cryptocurrency has now dropped to $33,707.
This marks a percentage decrease of 5.7% in just the last 24 hours.
Bitcoin’s current price is a far cry from its lofty all-time high of $69,000, which was reached in November 2021.
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In fact, the last time Bitcoin was trading at this price was in July 2021.
Since then, the flagship cryptocurrency surged up to its November all-time-high—marking a percentage increase of 130% in about four months.
The market capitalization of the wider market has fallen nearly 8% as well, almost halving its total value since November 2021. At that time, the market peaked with a capitalization of more than $3 trillion; today that figure is closer to $1.6 trillion.
Bitcoin's market share has also decreased since November, if only slightly.
On November 1, the leading cryptocurrency commanded roughly 42% of the entire market share. Now, it has 39% of the market, according to CoinGecko.
Fast forward to 2022, and Bitcoin has been firmly in the red.
Starting the year out at about $46,000, Bitcoin has since fallen by an eye-popping 26% to date.
The rest of the crypto market has not been having better luck, either.
In the past week alone, Ethereum (ETH) and Cardano (ADA) are down 32% and 29%, respectively.
Solana (SOL)—which went on such a tear last year it became Decrypt’s Coin of the Year—is down by over 40% in the last week.
THE VIEWS AND OPINIONS EXPRESSED BY THE AUTHOR ARE FOR INFORMATIONAL PURPOSES ONLY AND DO NOT CONSTITUTE FINANCIAL, INVESTMENT, OR OTHER ADVICE.
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