The overall cryptocurrency market capitalization dropped by around $50 billion since yesterday as most top currencies struggle.
Bitcoin, the largest crypto coin by market dominance, struggles around the $33,000 price level at the moment. That is due to the unpromising market mood that saw top currencies experiencing challenges. Bitcoin lost around 5% since 7th July this year.
According to Coinmarketcap’s latest stats, the total crypto market capitalization dropped about $50 billion of its value in the past 24 hours. That was after the massive corrections led by BTC, ETH, ADA, and BNB. Ethereum was the main loser in the top five crypto coins after losing 5% of its total value in a day.
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On 13th July 2021, BTC saw its overall market cap declining beneath $620 billion. While publishing this, the leading cryptocurrency’s market dominance stands at 45.6%. BTC’s value remains beneath $40K since 16th June.
While writing this report, Bitcoin trades around $32,500.
According to a tweet by a crypto analytic firm Santiment, BTC’s average profits in six months remain 27.81% low. Keep in mind that FUD rises with negative posts whenever traders remain that calm.
BTC’s Quiet Week
Bitcoin has had quiet trading sessions over the last week. For that reason, the world’s best asset saw its volatility dropping significantly. Also, Bitcoin’s on-chain actions declined drastically in the past few days. The calm market saw BTC price squeezing in a consolidation range. The asset started the week at $35,128 before trading down to the $32,227 low.
Latest Glassnode weekly reports noted that BTC seems not to register storms after the calmness. That is because of the quiet and muted activities both in on-chain, spot, and derivative metrics.
Last week, a leading tech company in Asia, Meitu, declared that its portion of BTC holdings plunged by over $17 million. That is due to the recent Bitcoin price correction. Remember, the firm purchase ETH and BTC worth about $100 million in 2021 March.
For now, Bitcoin will rely on positive market sentiments to ensure uptrends. Investors need to be careful when interacting with the asset for now. However, for those that can control the risks, buying a dip is vital.
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We are ready for your opinion concerning BTC’s upcoming movements.
