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.
