Waiting for Bitcoin to move… Crypto market cap is still stable above $2.5 trillion


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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.

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, inflows of bitcoin exchanges 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 novel mutating coronavirus, these fears have prompted many traders to consider selling their coins.

On Wednesday, there were another 10,422 bitcoins 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 value, 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.

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 of the peak before turning back and recovering.

Read also:

LINK Cryptocurrency Leaves Top 20 Cryptocurrency Ranking…Why?

Activating the BNB Burning Mechanism in the Binance Blockchain…Details Here

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