Crypto market cap drops to $1.58 trillion as Bitcoin holds above $42K

Crypto market cap drops to $1.58 trillion as Bitcoin holds above $42K

The broader market saw significant losses, with Dogecoin down by 1.10%, Litecoin by 4%, Ripple by 5.32%, and Solana by 1.40%. Despite this widespread downtrend, Helium posted significant gains, soaring by 18.62%. On the other hand, Flow suffered the most among top cryptocurrencies, dropping by 9.65%.

Technical analysis indicated that Bitcoin faced resistance around the $44,700 level and may find potential support near $40,600 if the downward trend continues. Amidst these movements, the fear and greed index pointed towards extreme optimism among investors, registering a high of 80.

In contrast to the general market slump, Avalanche stood out as an outlier today, with its price appreciating by about 7.57% to approximately $35 despite substantial liquidations reported over the weekend that exceeded $335 million.

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