The price of Bitcoin and cryptography with the largest market capitalization (big market cap) successfully rebounded or reversed direction to the green zone in trading on Monday morning (24/1/2022), even though it is still far from its highest level. The highest level of crypto mostly was printed in November 2021. Referring to data from CoinMarketCap at 09:30 (UTC +7), only Solana’s digital coin (token) that was still correcting at the beginning of the trade.
Solana fell 3.57% to a price level of US$91.9/coin or equivalent to Rp1,314,170 per coin (assuming an exchange rate of Rp14,300/US$). Meanwhile, other crypto assets managed to rebound with details Bitcoin strengthening 1.17% to a price level of US$35,596.12/coin or Rp509,024,516/coin and Ethereum appreciating 1.09% to a level of US$2,454.52/coin or Rp35,099,636/coin.
On the other hand, Binance Coin (BNB) rose 1.9% to US$373.09/coin (Rp5,335,187/coin), while Crypto Crypto rose 2.22% to US$66.64/coin (Rp952,952/coin).
Bitcoin Price: 10 Crypto Big Market Cap Movements
Below is a list of the top 10 cryptocurrencies based on their market cap on Monday morning trading, as quoted from CNBC Indonesia.
- In Dollars (US): 35,596.12
- In Rupiah: 509,024,516
- Daily Change (%): 1.17%
- 7 Day Change (%): -17.10%
- Market Cap (USD Billion): 674.13
- In Dollars (US): 2,452.52
- In Rupiah: 35,099,2636
- Daily Change (%): 1.09%
- 7 Day Change (%): -26.10%
- Market Cap (USD Billion): 292.79
- In Dollars (US): 1.00
- In Rupiah: 14,300
- Daily Change (%): 0.03%
- 7 Day Change (%): 0.01%
- Market Cap (USD Billion): 78.35
- In Dollars (US): 373.09
- In Rupiah: 5,335,187
- Daily Change (%): 1.90%
- 7 Day Change (%): -24.16%
- Market Cap (USD Billion): 61.60
- In Dollars (US): 1.00
- In Rupiah: 14,287
- Daily Change (%): -0.07%
- 7 Day Change (%): -0.09%
- Market Cap (USD Billion): 47.63
- In Dollars (US): 1.08
- In Rupiah: 15,444
- Daily Change (%): 0.49%
- 7 Day Change (%): -23.36%
- Market Cap (USD Billion): 36.08
- In Dollars (US): 0.61
- In Rupiah: 8,756
- Daily Change (%): 1.98%
- 7 Day Change (%): -21.12%
- Market Cap (USD Billion): 29.23
- In Dollars (US): 91.90
- In Rupiah: 1,314,170
- Daily Change (%): -3.57%
- 7 Day Change (%): -36.73%
- Market Cap (USD Billion): 28.92
- In Dollars (US): 66.64
- In Rupiah: 952,952
- Daily Change (%): 2.22%
- 7 Day Change (%): -22.58%
- Market Cap (USD Billion): 26.87
- In Dollars (US): 0.14
- In Rupiah: 1,992
- Daily Change (%): 1.84%
- 7 Day Change (%): -20.41%
- Market Cap (USD Billion): 18.48
Bitcoin Price Is Still Far From Its Highest Level
Despite the successful rebound and recovery from the correction in trading that morning, Bitcoin and several other cryptocurrencies are known to be still in the low zone and also still far from their highest levels which were mostly printed in November 2021.
Crypto Bitcoin and several other cryptocurrencies in three consecutive weeks recorded a correction of up to almost 30%. As for Bitcoin, its price correction in the past three weeks has reached 25.28% and is also still far from its record high price of $69,000 which was printed in November last year.
Now, Bitcoin is still trading below the psychological level of $40,000 or to be precise in the range of the level of $35,000. This digital coin with a large market capitalization even touched the $34,000 level in the early hours of the previous morning, Indonesian time around 03.00 am
Not only Bitcoin, other digital coins, such as Ethereum, BNB, Cardano, and others, are also have recorded a correction of more than 20% in the past three weeks. The breakdown is that Ethereum plunged 34.8%, BNB fell 29.26%, and Cardano fell 21.58%.
Bitcoin Cs Amid the Issues of Monetary Tightening by The Fed
As for the sentiments that made the price of Bitcoin cs shattered, one of them was beacuse of the movement of technology-based financial assets which was falling amidst the issue of monetary tightening that would be carried out by the Fed or the Federal Reserve—the United States (US) central bank.
At the end of the previous week, the Nasdaq Composite index which contains technology stocks also recorded a sharp correction reaching 2.72%. During the previous week as well, the US technology stock index has fallen more than 5%.
As is known, technology stocks or digital assets known for their growth stories are indeed very sensitive to monetary policy, especially by rising benchmark interest rates. The assets that are considered unable to generate positive cash flows become high risk when the benchmark interest rate rises.
For crypto Bitcoin cs, additional negative sentiment caused the price to continue to fall due to the greenback whose performance continued to strengthen in the previous week. Being one of the alternative digital currency, Bitcoin’s movement tends to be in the opposite direction to the US dollar. When the greenback strengthens, there is a chance for Bitcoin and other cryptocurrencies to weaken because these alternative currencies are mostly traded in US dollars.
However, the digital coin Dogecoin actually managed to re-enter the top 10 crypto ranks after being kicked out of the top 10 position. This happened in the midst of sluggishness in Bitcoin and several other cryptocurrencies. In terms of movement, Dogecoin is known to have strengthened 1.84% to the level of $0.1933/coin or Rp1,992/coin. Now, Dogecoin’s market capitalization touches $18.48 billion.
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