Investment

As the correction deepens, the bitcoin market cap has returned below $ 1 trillion

As bitcoin markets begin to form another daily red candle, its market capitalization has fallen back below $ 1 trillion.

The third major correction in the current bull market is deepening and prices have already fallen by 12.5% ​​from its all-time high of USD 60,100 on March 13.

According to CoinGecko, BTC’s market capitalization is currently $ 980 billion, down $ 140 billion in the last seven days since last Thursday, March 18.

The move comes just days after analyst Willy Woo he predicted that its total capitalization will not fall back below these levels.

“Investors already strongly support $ 1T. I’d say there’s a real chance we’ll never see bitcoins under $ 1T again. “

BTC’s market capitalization first exceeded $ 1 trillion on February 19, but it didn’t stay long and fell back below it after just four days. It surpassed ten numbers for the second time on March 9 and remained above the milestone level until today’s slump.

According to CoinGecko, the total market capitalization of the entire crypto ecosystem is currently $ 1.65 trillion. Since Monday, March 22, it has fallen by 9.8%, or $ 180 billion.

Making a profit could be a big factor in this kickback, as analyst Josh Rager suggests established that unrealized gains are not realized until they are in the bank.

Regarding MicroStrategy CEO Michael Saylor, whose company buys a lot of bitcoins this year, he added:

“Don’t try to act like Saylor didn’t make a profit in the end, because he’ll be with all the other funds on the planet.” Then buy back lower “

According to Cointelegraph, there have been a number of signals that the return may continue. Analyst provider Glassnode used a risk provision metric that assesses the confidence of long-term holders in relation to the price of bitcoin to suggest the conditions are similar to the second half or later stages of the bull market.

CryptoQuant in between analyzed BTC flows to and from exchanges predict that it will take some time before we stand for the next place in terms of supply / demand.

At the time of writing, bitcoins were trading daily at 3.6% to $ 52,350 FUD begins to seep back into the ecosystem.


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