Bitcoin has fallen below $34,000 after hitting a slight rebound over the weekend. The price drop is the latest episode in a brutal start to 2022 for the entire crypto market.
On January 22, Bitcoin fell to $34,500 before rebounding slightly to open today at a price of $36,300. The optimism has been short-lived, however, as the leading cryptocurrency has now dropped to $33,707.
This marks a percentage decrease of 5.7% in just the last 24 hours.
Bitcoin’s current price is a far cry from its lofty all-time high of $69,000, which was reached in November 2021.
In fact, the last time Bitcoin was trading at this price was in July 2021.
Since then, the flagship cryptocurrency surged up to its November all-time-high—marking a percentage increase of 130% in about four months.
The market capitalization of the wider market has fallen nearly 8% as well, almost halving its total value since November 2021. At that time, the market peaked with a capitalization of more than $3 trillion; today that figure is closer to $1.6 trillion.
Bitcoin's market share has also decreased since November, if only slightly.
On November 1, the leading cryptocurrency commanded roughly 42% of the entire market share. Now, it has 39% of the market, according to CoinGecko.
Crypto’s unhappy new year
Fast forward to 2022, and Bitcoin has been firmly in the red.
Starting the year out at about $46,000, Bitcoin has since fallen by an eye-popping 26% to date.
The rest of the crypto market has not been having better luck, either.
In the past week alone, Ethereum (ETH) and Cardano (ADA) are down 32% and 29%, respectively.
Solana (SOL)—which went on such a tear last year it became Decrypt’s Coin of the Year—is down by over 40% in the last week.
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