As we come to the end of January, the bear market continues to retain its hold as the market has dropped significantly in value already this week. After a decline began late on Sunday, the total market valuation stood at $118B on Monday, and proceeded to drop to around $112B by the early evening.
This represented a drop of 5% and proved difficult to recover from as Monday ended around the same figure. Tuesday showed some signs of recovery as the total cap jumped to $113B early on, only to fall back to $111B later in the day. A further recovery saw the total cap fluctuate at around $112B for the remainder of the day.
The positive trend continued over Wednesday as the total cap grew by 2.6% to hit $115B during the afternoon; despite a late night dip, the day still ended with the market close to $114, and a jump to $116B took place during the early hours of Thursday. The market has since begun to pullback and looks set to fluctuate around $112B once again.
The daily trading volume stood at around $13.5B on Monday, and grew over Tuesday to hit $15B. This has proved to be the peak so far as the volume retraced over Wednesday, and the 24 hour daily trading volume currently stands at $13.5B while the total market valuation stands at $113B.
itcoin dips, but defends $3,400 level
Bitcoin has also dipped in value already this week and began the week trading close to $3,580. The price fell to $3,460 around lunchtime, and dipped again to briefly touch $3,435 during the evening. However, a late recovery saw BTC end Monday trading at $3,460 once again.
Tuesday saw BTC drop by 1.7% and fall to $3,400, before rallying in the evening to hit $3,450. The price has continued to move within a $50 range since then, and fluctuated between $3,425 and $3,475 for much of Wednesday. The day ended with BTC staying close to $3,470, however, the price has retraced by around $30 overnight.
Bitcoin’s daily trading volume stood at around $3.5B on Monday, and hit $4.3B on Tuesday. However, the daily volume has since fallen back under the $4B mark, and the 24 hour trading volume currently stands at $3.65B while BTC is trading at $3,442 and retains a market cap of $60.28B. Bitcoin also enjoys a dominance of 53.3%.
Ethereum avoids double-digit territory
Ethereum opened up trading at around $114, and lost around $10 in value as the price fell by 8.7% and dropped to $104 by Monday afternoon. A late spike saw ETH end the day trading at around $106, and the price fell back once again to hit $103 during the early hours of Tuesday.
ETH then recovered slightly over the day to hit $106 in the evening and close out the day trading at a similar figure. Wednesday proved to be more positive as ETH jumped by 2.8% to move from $106 to $109. After ending the day trading at $108, ETH then touched $110 during the early hours of Thursday before pulling back during the morning.
Ethereum’s daily trading volume stood at around $1.75B on Monday and hit $2B on Tuesday before declining from Wednesday. The 24 hour trading volume currently stands at $1.54B and ETH is trading at $106.3 and retains a market cap of $11.13B.