The cryptocurrency economy has shed 2.9% of its total value in the past 24 hours, with Bitcoin (BTC) slipping below the $46,000 price level on Monday. At press time, Bitcoin is trading at $45,738, down 3.7% for the day. Despite being up more than 90% year-to-date, BTC has lost 21.8% over the last 30 days. Its current market capitalization stands at roughly $864 billion, representing 38.6% of the overall $2.24 trillion crypto market.
Altcoins Suffer Heavier Losses; A Few Tokens Buck the Trend
Ethereum (ETH), the second-largest cryptocurrency by market cap, fell 4.4% in the last 24 hours and 8.7% over the past week, trading at $3,787 per token. Ethereum's dominance is 20%, with a market valuation of $448.8 billion. Most altcoins posted deeper declines: Curve DAO Token (CRV) dropped 10%, Compound (COMP) slipped 10.5%, and Waves (WAVES) fell 10.2%. However, a handful of tokens managed to attract buying interest. Yearn Finance (YFI) gained 6.5%, Olympus (OHM) rose 3%, OKB added 2.8%, and LEO Token (LEO) climbed 2.1%. According to data aggregators, 11,836 crypto assets are now traded across 533 exchanges worldwide, with total 24-hour volume reaching $102.8 billion.
Huobi Group Executive: 'Downward Force Is Still Relatively Strong'
Du Jun, co-founder of Huobi Group, shared his technical analysis with the media. He noted that Bitcoin briefly jumped above $48,300 over the weekend before turning lower. "According to data from Huobi Global, BTC began to fall after reaching a high of 48,300 on weekends. It is now around 46,000 and the downward trend is relatively stable. It is likely to further break through the 45,500 pressure level," Jun stated. "From 4h K-lines, the price is still in a stable downward channel. DIF crossed DEA and formed a downward signal. The K-line ran near the lower rail of the Bollinger Bands, and the trading volume was relatively sluggish. At the daily level, price fluctuations have gradually slowed down in recent days, and price fluctuations were temporarily controllable. In the short term, pay attention to the downward momentum and the breakthrough of the 45,500 position below."
Regarding Ethereum, Jun added: "Ethereum declined steadily during daytime, falling from a high of 3,980 to a low of 3,760, and is now near 3,780. Judging from the 4h K-line, the K-line fluctuated greatly today, which changed the stability of the past days. However, it is not difficult to see from the daily line that the drop is to pull the K-line back into the downward channel, indicating that the downward force is still relatively strong. In the short term, pay attention to the extent of the price drop."
Market analysts attribute the sell-off to heightened year-end caution, the Federal Reserve's hawkish tilt, and lingering concerns over the Omicron variant. As the crypto market enters what is historically a period of lower liquidity, traders are watching key support levels — particularly $45,500 for Bitcoin and $3,700 for Ethereum — for signs of a potential bottom or further decline.