On the 31st of December 2021, the crypto market saw a slight continuation of the previous decline. Prices seemed to have edged lower while people were busy celebrating the last day of 2021. Enter 2022! Not only does the day coincides with a Saturday, but people can also still be hungover from the previous night. How did the crypto market behave on the last day of 2021? Let’s have a quick recap on what happened to crypto 2022.
The Crypto Market is slightly in the RED
It is very normal to see crypto prices falling further. People across the world, even big companies are on holiday and celebrating the new year. Who would place a buy order in the middle of a family gathering?
When the buying side weakens, the selling pressure becomes higher. Now you might be asking: if people are celebrating, who is doing all the selling for prices to fall? Well, most traders place stop-losses in order to cut their losses while they are away from their trading activities. Since the market was bearish in the previous days before new year’s eve, it is normal to see prices fluctuate lower. With every stop-loss triggered, a new sell order is being executed.
Looking at figure 1 on the other hand, we can see a kind of consolidation. The total crypto market cap looks like it is averaging around USD 2.2 Trillion for the past 4 days.
Crypto 2022 – Top 10 Cryptos Recap
In the past 24 hours, most cryptos are in the red. The total market is down by -1.76%. The biggest losers were SUSHI, CEL, GNO, and UNI losing around 7% each. On the other hand, other altcoins such as ROSE, XDC, ATOM, and CRV gained respectively around 8%.
1- Bitcoin (BTC) : – 2.08%
2- Ether (ETH) : – 2.05 %
3- Binance Coin (BNB): – 1.35 %
4- Tether (USDT) : 0 %
5- Solana (SOL) : – 1.92 %
6- Cardano (ADA) : – 2.77 %
7- USD Coin (USDC) : + 0 % (surpassing XRP)
8- Ripple (XRP) : – 0.37 %
9- Terra (LUNA) : – 2.16 %
10- Polkadot (DOT): – 2.09 %
Stay Ahead, Stay Updated, and Happy New Year 2022!
Rudy Fares