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Both traditional and digital asset markets fell throughout the month of January, reflecting the wider financial uncertainty associated with inflation and a shift towards a hawkish stance from central banks.
Bitcoin declined to a 6 month low of $32,990 in January. However, Solana's price experienced the largest monthly fall, decreasing 41.4% to $99.5 at the end of January.
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Key takeaways:
- Bitcoin’s price declined 16.7% in January to $36,945, ending the month with a market capitalization of $711bn at the end of the month. This included an intra-month low of $32,990, a six-month low for the cryptocurrency.
- Monthly volumes across the two largest markets Bitcoin markets (BTC/USD and BTC/USDT) fell 22.3% to $132bn and 10.4% to $45.6bn respectively.
- Total USDT volumes for the top five digital assets fell below 300bn for the first time since July 2021. All USDT volumes decreased by more than 20% except ADA, which fell just 1.5%.
- The price of Solana’s native token SOL fell 41.4% in the month of January, thus being the worst performing asset of the covered cryptocurrencies so far in 2022.
- USD monthly volumes for Cardano almost quadrupled in January, growing to $6.18bn in January. This coincided with the launch of the chain’s first decentralized exchange, SundaeSwap.
Total market cap for the top 5 cryptocurrencies fell over 20% in January
Total market cap for the top 5 cryptocurrencies fell 23.3% in January to $1.17tn, with BTC gaining marginal market share (rising above 60% for the first time since September 2021).
Top Digital Assets Decline Over 30% In 3 Months
Three month returns have now slumped to losses of more than 37% for all five assets, the most significant being SOL, recording a three-month performance of -50.9% (Sharpe -0.41).
Bitcoin Dropped To Six Month Low In January
Bitcoin’s price declined 16.7% in January to $36,945, ending the month with a market capitalization of $711bn at the end of the month. This included an intra-month low of $32,990, a six-month low for the cryptocurrency.
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