Bitcoin

Bitcoin’s market capitalization is back below trillion dollars as the correction continues

As the Bitcoin markets begin to form another daily red candle, Market capitalization has fallen below $ 1 trillion again.

The third major correction in the current bull market is deepening and prices are already down 12.5% ​​from their all-time high of $ 60,100. March 13th.

According to CoinGecko BTC’s market cap is currently $ 980 billion, after falling by $ 140 billion in the last seven days since last Thursday, March 18th.

Bitcoin’s market capitalization is back below trillion dollars as the correction continues
Bitcoin’s market capitalization is back below trillion dollars as the correction continues

The movement takes place a few days later Analyst Willy Woo predictedThat the total capitalization would not fall below these values ​​again.

The level is already strongly supported by investors. I would say that it is very likely that we will not see Bitcoin below this level again. “????

BTC’s market cap topped $ 1 trillion for the first time on Feb.19, but didn’t stay there long and fell back below after just four days. The second time it exceeded ten numbers was on March 9, and it stayed above the milestone until today’s crash.

The total market cap of the entire cryptocurrency ecosystem is currently $ 1.65 trillionaccording to CoinGecko. Since Monday March 22nd, it’s down 9.8%, or $ 180 billion.

Profit-taking could be a major contributor to this withdrawalas suggested by analyst Josh Rager who explainedTo what Unrealized profits are only made when they are in the bank.

Regarding MicroStrategy CEO Michael Saylor, whose company has bought a lot of Bitcoin this year, added:

“Don’t try to act like Saylor will eventually run out of profit because he’ll be doing it with every other fund on the planet. Then will they buy again at lower prices?

As Cointelegraph reports, There were a number of signs that the withdrawal might continue. Analytics provider Glassnode used risk reserve metric, which measures long-term owners’ confidence in Bitcoin price, to suggest this The conditions are similar to those of the second half or later of a bull market.

For its part, CryptoQuant analyzed the BTC flows to and from the exchanges to predict that it would take some time for demand / supply to rise again.

At the time of going to press, Bitcoin was trading 36% at $ 52,350 that dayas the FUD begins to return to the ecosystem.

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