The attached summary from Coin360 provides an excellent overview of the crypto market’s performance over the past 7 days. The total crypto market cap dropped further towards $2,000 billion.
In the process, Bitcoin’s market dominance also dropped below 40%. Number 2 Ethereum (ETH) was also unable to escape the malaise and its market cap fell to $402 billion. Ethereum’s market dominance fell slightly to below 20%.
Crypto market full of fireworks goes down in 2022
The accompanying chart of Bitcoin illustrates the downward trend well, with the December low around $42,000 coming into view. Below this level lies the crucial support level of $40,000 that was successfully tested last September.
To put things in perspective, a year ago the Bitcoin price was quoted at $37,000. It then soared, reaching a provisional high of $69,000 or nearly doubling.
Nevertheless, for the time being we can speak of a disappointing start of the year.
Venture capitalists invest $33 billion in crypto and blockchain startups by 2021
On the other hand, the current weakness in the crypto market also offers opportunities! For example, Galaxy Digital recently released a report, which showed that $33 billion has been invested in the crypto and blockchain sector by Venture Capitalists (VCs) throughout 2021.
This means that in the fourth quarter ($10.5 billion) alone, even more than all of 2021 was invested. This shows that big money is still interested in the crypto market. In this respect, therefore, dips can be seen more a as a blessing than a curse. Coins can then be picked up at a (relatively) lower level.
Of course, we wish you a bright and successful crypto year in 2022.
X10 Crypto Portfolio: 1,1199.81 euros (+14.12%)
Finally, we report the result of our X10 Crypto Portfolio. This X10 Crypto Challenge is suitable for the speculative investor who wants to take advantage of the opportunities that the crypto market offers. There are periods of highs and lows and you have to be able to handle that. Cryptos are volatile and this service is therefore not for everyone, but 1 thing is certain: Cryptos are here to stay….
Since the start on February 25, 2021, we are at a result based on 1,1199.81 euros (+14.12%) the basic invested amount of 8,500 euros. We still have 1,500 Euros ‘in reserve’ to put in as yet. If you also want to get involved in the Crypto X10 Challenge, click here for more info…