The attached overview from Coin360 shows the performance of the crypto market over the past 7 days. The picture is clear: blood red numbers on the board. The total crypto market cap fell hard over the past week towards the total amount of $1,580 billion.
Bitcoin’s market dominance remained at 42%. The market dominance of number 2 Ethereum (ETH) decreased slightly to 18%. Ethereum’s market cap dropped significantly by -17% to $284 billion.
Crypto market under heavy pressure due to Russia/Ukraine crisis
The Russia/Ukraine crisis has not left the crypto market unaffected. Indeed, sentiment on the equity and crypto markets was and still is dominated by the developments in Ukraine. The daily chart of total market cap (including Bitcoin) illustrates the decline towards the low point of this year around $1,500 billion.
The December level of $2,500 billion is still far away, let alone the top level of $3,000 billion. However, the $1,500 billion support level is crucial. If this level holds, we can remain optimistic for a recovery towards $2,000 billion. Should this support level unexpectedly fail, we do not rule out a decline towards last July’s low of $1,158 billion.
Despite the uncertainty on the crypto market, we are still seeing positive developments, such as sponsorship of the Red Bull Racing team by crypto exchange Bybit. The racing stable of Max Verstappen will receive a whopping $150 million for three years.
Competitor in Formula 1 Mercedes already has a sponsorship deal with crypto exchange FTX since September 2021. The attentive follower of the Formula 1 Grand Prix races, has also frequently seen Crypto.com pass by on the race tracks. In short, the crypto market is still in the spotlight.