Two weeks into 2022 and cryptocurrencies as a whole have had a stuttering start.
The year opened with a total market cap of $2.2 trillion. Still, talk of inflationary pressures and interest rate rises hit hard, sparking a sell-off which bottomed at $1.9 trillion on Saturday.
While we see signs of recovery, the looming threat of tightening monetary policy is ever-present. With that, crypto sentiment is caught in a precarious state, with investors waiting to see what happens next.
This contrasts with the start of 2021. Back then, Bitcoin was riding a wave of momentum after breaking a three-year resistance level in December 2020. It went on to hit $65,000 in April 2021 and posted a new all-time high of $69,200 in November 2021.
Nonetheless, Bitcoin’s overall 2021 performance was somewhat pedestrian (by crypto standards), up +60% over the year.
Over the same period, Bitcoin managed to outperform the S&P500, which gained 27%, the Dow, up 19%, and the Nasdaq’s 21% rise.
All the same,
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