Bitcoin fell below $ 34,000 after seeing a small rebound over the weekend. This price drop is the latest episode of a brutal start to 2022 for the entire cryptocurrency market.
On January 22, bitcoin fell to $ 34,500 before rebounding slightly to open today at a price of $ 36,300. The hope was short-lived, however, as the leading cryptocurrency dropped to $ 33,707 now. This represents a percentage fall of 5.7% over the last 24 hours.
The current price of bitcoin is far from over the highest ever level of $ 69,000reached in November 2021.
In fact, the last time bitcoin traded at this price, it was July 2021.
Since then, the main cryptocurrency has climbed to an all-time high in November, showing a 130% increase in about four months.
Broad market capitalization also fell by almost 8%, by some almost half its total value since November 2021. At that time, the market peaked with a capitalization of over $ 3 trillion; today, this figure is closer to $ 1.6 trillion.
Bitcoin market share has also declined since November, if only slightly. On November 1, the major cryptocurrency accounted for about 42% of the total market. Today, it holds 39% of the market, according to CoinGecko.
Starting the year at around $ 46,000, bitcoin has fallen dramatically by 26% so far.
The rest of the crypto market was no luckier either. Over the past week alone, Ethereum (ETH) and Cardano (ADA) have fallen 32% and 29%, respectively. Solana (SOL) lost more than 40% last week.