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Crypto Market Closes On Worst January Performance Since 2015

By Crypto BriefingCryptocurrencyFeb 01, 2022 12:14AM ET
www.investing.com/analysis/crypto-market-closes-on-worst-january-performance-since-2015-200616599
Crypto Market Closes On Worst January Performance Since 2015
By Crypto Briefing   |  Feb 01, 2022 12:14AM ET
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The bleed in crypto assets continues.

Key Takeaways

  • The crypto market approached its worst January close since 2015 after dropping 22.7% the past month.
  • The market was over $1 trillion from its peak.
  • Though Bitcoin, Ethereum, and other assets were suffering, the NFT market was still booming.

The crypto market shed $500 million of its value this past month.

Crypto Market's January Close

It looked like the crypto bull market could be over—at least for fungible assets.

Crypto Total Market Cap
Crypto Total Market Cap

It’s been a rough few weeks for Bitcoin, Ethereum, and other digital assets after the market shed over $1 trillion in value since its November peak. The market ended its worst January close since 2015.

According to data from TradingView, the global cryptocurrency market cap lost $500 million in January, tumbling from around $2.2 trillion to $1.7 trillion at time of writing. Though severe, the 22.7% drop was not the only weak monthly performance crypto enthusiasts endured over the last few months. In December, the market tanked 15.5%. The market also suffered a brutal crash last May amid fears of China’s Bitcoin mining ban and an over-exhausted environment, closing the month 24.1% in the red.

While the May crash was the most severe the market had seen for some time, January's performance looked set to go down as crypto’s worst January on record. In the two years prior, the market kicked off the year with a green month. In January 2019, the market shed around 9.4% of its value. January 2018 closed 15.3% in the red, kicking off an extended bear trend that saw the market tank 80% in the space of a year. By the end of 2018, Ethereum had bled 94% from a high of $1,430 to $80. Many other assets fell over 95% and never recovered to new highs.

At press time, Bitcoin is 44.5% off its $69,000 all-time high. Ethereum is 45.7% off its peak, and many of the winners of 2021—including Solana and Axie Infinity—were over 60% short of their highs. The dog-themed meme coins Dogecoin and Shiba Inu were respectively down about 80% and 75%.

While major assets have been hard hit of late thanks in part to Omicron fears and the Federal Reserve’s threat of interest rate hikes, some corners of crypto were booming. NFTs have fared particularly well in recent weeks, likely because most traders price their digital collectibles in Ethereum.

According to data from Dune Analytics, OpenSea has seen a record $4.8 billion in volume this month as demand for hot collections like Bored Ape Yacht Club and Cool Cats soars.

Original Post

Crypto Market Closes On Worst January Performance Since 2015
 

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Petros Steriotis
Bitcoin Stuck Regardless By Petros Steriotis - Aug 07, 2022

Bitcoin is bound within bearish flag (upward-looking price channel within a downtrend). Good luck to the quick ones calling a bottom. Original Post

Crypto Market Closes On Worst January Performance Since 2015

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