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

The cryptocurrency market experienced a downturn at the start of the week, with the global crypto market cap declining to $1.58 trillion. , the leading digital currency by market value, managed to stay above the $42,000 mark despite facing a 3.14% decrease, trading at $42,444.70 today. , another major player in the crypto space, also recorded a fall of 4.13%, with its price hitting $2,253.64.

The broader market saw significant losses, with down by 1.10%, by 4%, by 5.32%, and 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, 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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