1. Bitcoin dipped below $16.5K in the past week, while Solana has seen a 23% weekly drop in value.
2. Bitcoin entered 2022 at nearly $50,000, but has since dropped over 65% of its USD value.
3. The crypto market is seeing minimal volatility, with BTC attempting to break the $17,000 mark earlier this week.
The past few weeks of 2021 have been unkind to the crypto market, with Bitcoin and Solana both seeing major losses in value. Bitcoin, which entered the new year at nearly $50,000, has seen its USD value drop over 65% and dipped below $16.5K earlier in the past week. Meanwhile, Solana has suffered a 23% weekly drop in value and remains stuck beneath $10, largely due to the deterioration of FTX and Alameda.
The crypto market has experienced minimal volatility in recent weeks, with Bitcoin attempting to break the $17,000 mark earlier this week. Unfortunately, the bulls were unable to gain control of the market and the asset has continued to struggle at $16.5K. This lack of volatility is mirrored in the altcoin markets as well, with most altcoins seeing only small drops in value.
It remains to be seen what the rest of 2021 has in store for the crypto markets. With Bitcoin struggling to break $17,000, it’s likely that the asset will remain near its current value at least until the new year. As for Solana, the asset will have to overcome the negative impact of FTX and Alameda if it hopes to recover any of its losses in the coming weeks.