The cryptocurrency economy experienced a sharp decline on Monday, with the total market capitalization dropping 2.9% over the past 24 hours to approximately $2.24 trillion. Bitcoin (BTC) fell below the key $46,000 mark, currently trading at $45,738 per unit, representing a 3.7% daily loss. Despite still being up over 90% year-to-date, Bitcoin has shed 21.8% in the last 30 days. BTC's market cap now stands at around $864 billion, accounting for 38.6% of the entire crypto economy.
Top 10 Coins See Widespread Losses, A Few Tokens Buck the Trend
Ethereum (ETH), the second-largest cryptocurrency, slid 4.4% in 24 hours to $3,787, with a market valuation of $448.8 billion (20% dominance). Over the past week, ETH has dropped 8.7%. Among the top 10 coins, the biggest losers include Curve DAO Token (CRV) down 10%, Compound (COMP) down 10.5%, and Waves (WAVES) down 10.2%. However, a handful of tokens managed to post gains: yearn finance (YFI) rose 6.5%, Olympus (OHM) gained 3%, OKB advanced 2.8%, and LEO Token increased 2.1%. Across 533 exchanges, 11,836 cryptocurrencies are being traded, with global 24-hour trading volume reaching $102.8 billion.
Huobi Executive: Downtrend Is Stable, Watch $45,500 Support
Speaking to our news desk, Du Jun, co-founder of Huobi Group, noted that Bitcoin had briefly spiked above $48,300 over the weekend before declining. “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. From 4h K-lines, the price is still in a stable downward channel. DIF crossed DEA and formed a downward signal.”
He added, “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 short term, pay attention to the downward momentum and the breakthrough of the 45500 position below.”
Regarding Ethereum, Du Jun commented: “Ethereum declined steadily during daytime, falling from a high of 3980 to a low of 3760, and is now near 3780. 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 short term, pay attention to extent of the price drop.”
The broader market decline reflects growing concerns over potential tightening by major central banks, year-end liquidity crunch, and profit-taking after a strong rally earlier in 2021. Analysts suggest that while the long-term outlook remains bullish for many, the short-term correction may extend further. Investors are advised to monitor key support levels and manage risk accordingly.