As the bitcoin markets start forming new daily trading in red, the market cap has dropped to less than $ 1 trillion.
The third major correction in the current beef market intensifies and prices have already fallen 12.5% from an all-time high of $ 60,100 on March 13th.
According to CoinGecko, BTC’s market cap is currently at $ 980 billion after falling $ 140 billion in the past seven days since last Thursday, March 18th.
The move came just days after analyst Willie Wu predicted that overall capitalization would not fall any longer from these levels.
A trillion dollars has already received strong investor support. I would say there is a good chance that we will never see Bitcoin under a trillion dollars again. ”
BTC’s market value first crossed a trillion dollars on February 19, but it didn’t stay there for long and pulled back in just four days. It topped the top ten for the second time on March 9 and remained above the benchmark until today’s economic downturn.
According to CoinGecko, the total market value of the entire cryptocurrency ecosystem is currently $ 1.65 trillion. Since Monday, March 22, it’s down 9.8%, or $ 180 billion.
Profit taking could be a major factor in this pullback, analyst Josh Rajer suggested.
Referring to MicroStrategy CEO Michael Saylor, whose company has bought a lot of bitcoins this year, he added:
“Don’t try to act like a Sailor is not going to make a profit in the end, because it will make a profit with any other fund on the planet. Then they will buy back at a lower price.”
According to Cointelegraph, there were a number of signals that the withdrawals might continue. Analytics provider Glassnode used a risk reserve account that assesses long-term confidence in the Bitcoin price to suggest similar conditions for the second half or later stages of a bull market.
Meanwhile, CryptoQuant has analyzed BTC flows to and from exchanges to predict that it will take some time to get a fresh foundation when it comes to supply / demand.
At the time of writing, Bitcoin is down 3.6% on the day to $ 52,350 as research and development begins to return to the ecosystem.