Bitcoin, Ether and Memecoin Stable After Last Week's Freefall

The selling pressure that overshadowed the global crypto market on Monday (24/1/2022) began to subside after last week experienced a massive decline. Citing Bloomberg, Bitcoin, the largest cryptocurrency by market value, was trading at around US$35,350 as of 12:05 am Singapore time. Bitcoin previously touched a low of US$34,042.77 over the weekend, or a loss of more than 50 percent from its all-time high in November 2021. Signals of hawkish monetary policy from the US central bank, the Federal Reserve as well as new regulatory cues by officials at the White House, Washington and the threat of a ban on mining and direct trading in Russia has shaken the digital coin market.

Over the past seven trading days, Bitcoin has fallen around 18 percent in value, while Ether has lost around 25 percent, while the prices for Solana, DeFi-play and Avalanche coins have fallen more than 30 percent. The pressure on memecoin was also sharp with Dogecoin down 19 percent over the same period, while Shiba Inu fell 25 percent, according to CoinMarketCap data. “Crypto is a volatile risk asset. It's even more of a risk asset now that most of the crypto market cap is Ethereum, Solana and all sorts of other things that are basically just technologies where we've put forward the big assumptions of global growth to date,” said Leigh Drogen of Starkiller Capital in a Bloomberg interview. TV.

Wu Silverman of RBC Capital Markets said the main technical aspect that investors should pay attention to is the Ether to Bitcoin ratio. After trading above 0.07 for several months, Ether has dropped to its lowest level relative to Bitcoin since October. Recently at the level around 0.069.

The next level to watch is 0.055, according to Wu Silverman. “Watch the ETH/BTC ratio of 0.055-0.088,” he wrote. Ether's decline relative to the world's largest cryptocurrency also caught the attention of Noelle Acheson, chief market strategist at Genesis Global Trading Inc. To him, this drop is a reminder that Ether is even more vulnerable to macroeconomically driven risk appetite swings than Bitcoin. “This reminds us that BTC is a risky asset exposed to risk-off sentiment, but ETH is more than that [has lost more than 40 percent of its value over the last 30 days!],” Acheson wrote.

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