The global crypto market capitalization fell from $2.208 trillion on January 1 to $1.525 trillion on January 24 as BTC trades below $34k.
The market volume has plummeted by 11.71% in the past 24 hours to about $94.83 billion, affected by a 7.42% dip in the same period.
Decentralized finance is now valued at $13.83 billion, or 14.58% of the total crypto daily trading volume. Stablecoins are at $77.56 billion, estimated at 81.80%.
Bitcoin currently occupies 41.55% of the total crypto market, a 0.75% increase in the past day.
The primary token is trading at $33,773 after shedding off a 5.54% decrease in the past day and 21.07% in the past week. Its market capitalization is at $639.6 billion.
The founder and president of the Chamber of Digital Commerce, Perianne Boring, notes that the current volatility being witnessed in the market is normal and that the fundamentals still hold.
She adds that the models that investors use show a price range of between $50,000-$100,000 in BTC, meaning that it remains undervalued.
The swing happens as US President Joe Biden is expected to unveil his government’s strategy for digital assets next month.