Bitcoin, Ethereum, Solana, Dogecoin Daily Price Analyses – 21 January Roundup

The market is going through severe dips. The repetition of the same situation affected the market back in December 2021 and then the start of 2022. The change is evident from the drop in market value, which has come down to a new low after investors withdraw their money. The impacts are evident in a rise in decreased investor trust, which proves fatal for the market.

Though there are new investments in the market, there is a trend of reducing prices because of pulling out investments. The entry of big groups like Meta, Twitter, Microsoft, etc., to the market is symbolic of the change in the market, which is based on decentralization. If these big firms enter the market, they harm those blockchain systems that work in a decentralized manner.

The market might continue to lower its value which had risen to unprecedented heights in the previous days because of the rising trust. Thus, experts in the market referred to this change as the price correction phase for bitcoin and other names. If the situation continues, it might determine the new value of bitcoin and other leading coins.

Here is a brief overview of bitcoin, Ethereum, and some other major coins in the market.

BTC suffers a major slash

El Salvador President had decided to utilize the growing unrest in the market. The result was the purchase of bitcoin worth $15 million. He believes that this will help with the rise of the economy as bitcoin rises again. While as per the current situation, bitcoin is continuing its losses due to sell-off.  

The current situation of bitcoin tells a story full of miseries. As per the latest updates, bitcoin has lost 8.75% in 24 hours while its price has come down to $36,411.57. The market is going through hard times because of the thinning investor trust. The latest dips in January have deprived investors of their capital, and it might continue.

The current market cap for bitcoin is about $689,707,327,140, while the losses for the last seven days amount to 15.41%. Bitcoin has crossed the red line, and if it continues this way, it might not be able to save itself from crashing. If bitcoin crashes, the whole market will get affected.

The trading volume of bitcoin for the last 24 hours is estimated to be $41,535,269,688.

ETH follows dips after dips

Ethereum is following the footsteps of bitcoin and has undergone tremendous losses. The data for the last 24 hours tell that it has lost 11.05%. While the losses for the last seven days amount to 21.45%, which means it has lost a significant amount.

The current price for Ethereum is about $2,599.03, while it might go further low because of the ongoing changes. The current market cap for Ethereum is estimated to be $309,717,248,549.

The trading volume for the said coin has also been affected by continuous market bearishness. The previous 24 hours recorded a trading volume of $26,584,429,886.

SOL depreciating after new dips

Solana is in no different situation from other coins. The data for the last 24 hours tells of a loss of 10.94%. While the last seven days were no different, the loss amounts to 23.37%. The current price for the said coin is in the $112.39 range.

The current market cap for this coin is about $35,275,908,285. The trading volume for this coin has also been affected by the bearish market and is estimated to be $3,540,900,375. As evident from the losses for previous days, the chart of Solana shows a trend of continuous loss.

DOGE in need of its savior

Dogecoin had performed exceptionally well in the previous hard times for the market. This time, it is suffering again and might continue if Elon Musk doesn’t come to its rescue. The data for the last 24 hours tells a different story, as it has lost 5.99% in the last 24 hours. At the same time, the losses for the last seven days amount to 23.13%.  

The current market cap for this coin is about $19,057,393,635, while the trading volume is estimated to be $1,129,435,326 for the last 24 hours.

Final Thoughts

The market has been through new lows as its total market cap came down to $1.70T, which has witnessed a loss of more than 1 trillion dollars in the last few months. The losses might continue until there is a long-lasting positive change. There are various reasons for the loss of the market value. If the market needs to revive, then the prevalent problems need to be solved, and if didn’t happen, its value will go further low.

The investors feel that their capital isn’t safe in the market because of the continuing bearishness.