Waiting for Bitcoin to move… Crypto market cap is still stable above $2.5 trillion
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Answer Waiting for Bitcoin to move… Crypto market cap is still stable above $2.5 trillion
After a week of massive volatility, Bitcoin and other cryptocurrencies have seen stability in the past few days.
The total market capitalization of cryptocurrencies remained above the important level of $2.5 trillion.
Cryptocurrencies such as Ethereum (ETH), Solana (SOL) and Cardano (ADA) retained most of the weekly gains.
In the past seven days, Ethereum jumped about 5% while Solana jumped about 10% and added $6 billion to its market cap during the mentioned period.
In the November patch, several crypto whales appeared and bought leading cryptocurrencies.
Institutional investors have also joined the “buy on dip” movement with significant investments.
Read:Ethereum price drops to a record low for the first time since early August 2021
MicroStrategy is one of them.
This company recently expanded its bitcoin wallet by purchasing nearly 7,000 bitcoins.
Despite the bullish sentiment from institutional investors, the inflows of Bitcoin exchange inflows to trading platforms have sparked panic among retail traders as they fear selling pressure.
Bitcoin’s inflows of outflows have significantly outpaced, as uncertainty and uncertainty go hand-in-hand with a jump in fears of the new mutating coronavirus, these fears have led many traders to consider selling their coins.
On Wednesday, another 1,022 bitcoins were moving to exchanges, crypto company Santiment highlighted on Twitter.
Market price recovery:
Historically, the cryptocurrency market has seen major corrections after every major bullish rally.
With a huge jump of more than 200% in the total market capitalization, a market correction was expected.
The latest stability above the $2.5 trillion market cap indicates that long-term coin holders remain bullish on Bitcoin, Ethereum and other crypto assets.
From what was stated in the latest report by “Glassnode” the following:
With the price of Bitcoin now down more than 20% from its all-time high, headlines in traditional media have announced that Bitcoin has entered a bear market.
Read:Buying Bitcoin via peer-to-peer platforms has gained popularity amid increased regulatory scrutiny
However, it may surprise some readers that the current market correction is actually the least severe in 2021.
Selling in January, February and April hit deep lows of -24.2% from the top before turning back and recovering.
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