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As bitcoin started forming a long, jagged red candle on the daily chart, its market cap fell back below $ 1 trillion once again.
According to Coindesk, the BTC market cap is currently $ 987 billion, representing a $ 140 billion drop over the past 7 days since last Thursday, March 18.
This correction seems to be deepening and the price is down 12.5% from its all-time high at $ 61,599 recorded on March 13.
This drop in bitcoin comes when cryptocurrency trader Mark Prin issued a warning that “the bitcoin market cap will be able to adjust to below $ 1 trillion once again, the price of bitcoin through which there will be. can continue to weaken ”.
BTC market cap surpassed $ 1 trillion for the first time on Feb. 19 but didn’t last long, and fell back below this level in just four days. The second time it topped ten digits was on March 9 and the market cap remained above the key point until today slumped in trading.
Analyst Willy Woo recently said, “With bitcoin reaching a market cap of $ 1 trillion, it has been strongly supported by institutional investors. We will never see bitcoin’s capitalization fall below this level. ”
Total crypto market cap is currently $ 1.65 trillion according to CoinmarketCap. It was down 9.8%, or $ 180 billion, since Monday, March 22.
Talking about this correction, analyst Josh Rager said “profit taking could be a key factor in this pullback.”
Recently, Coindesk news site noted that “The cash flow into crypto funds has decreased significantly. Investors’ demand for crypto funds has plummeted, which may reflect bitcoin’s price uncertainty in the near term.
According to a recent Cointelegraph report, “there are already some signs that this correction may be prolonged”.
Meanwhile, CryptoQuant analyzed the flows of BTC to and from exchanges to conclude that “it will take some time for bitcoin to regain momentum,” in the short term the price is likely to go sideways. .
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