CryptoBitcoinCrypto market cap falls to $1.58 trillion: Bitcoin holds above $42K

Crypto market cap falls to $1.58 trillion: Bitcoin holds above $42K

The cryptocurrency market experienced a downturn at the beginning of the week, with the global crypto market cap dropping to $1.58 trillion. Bitcoin, the leading digital currency by market value, managed to stay above the $42,000 mark despite a 3.14% drop, trading at $42,444.70 today. Ethereum, another major player in the crypto space, also saw a decline of 4.13%, with its price hitting $2,253.64.

The broader market saw significant losses, with Dogecoin down 1.10%, Litecoin down 4%, Ripple down 5.32% and Solana down 1.40%. Despite this broad downward trend, Helium posted significant gains, rising 18.62%. On the other hand, Flow suffered the most among the top cryptocurrencies, falling 9.65%.

Technical analysis indicates that Bitcoin is facing resistance around the $44,700 level and may find potential support around $40,600 if the downward trend continues. In the midst of these moves, the Fear and Greed Index indicated extreme optimism among investors, hitting a high of 80.

Contrary to the general market slump, Avalanche stood out as an outlier today, with its price rising about 7.57% to around $35, despite substantial liquidations reported over the weekend, which exceeded $335 million.

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Andrew
Andrew
Self-taught investor with over 5 years of financial trading experience Author of numerous articles for hedge funds with over $5 billion in cumulative AUM and Worked with several global financial institutions. After finding success using his financial acumen to build an investment portfolio, Andrew began writing and editing articles about the cryptocurrency space for sites such as chaincryptocoins.com, ensuring readers were kept up to date on hot topics such as Bitcoin and The latest news on digital currencies and Ethereum.

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