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Bitcoin Price Trapped in Weekly Consolidation While Its Market Cap Dipped Below $1 Trillion

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by Steve Muchoki · 3 min read
Bitcoin Price Trapped in Weekly Consolidation While Its Market Cap Dipped Below $1 Trillion
Photo: Depositphotos

Bitcoin price dipped approximately 6.6% in the past 24-hours according to metrics provided by CoinGecko. 

Bitcoin price experienced a sharp decline on March 24 to trade below $52k, consequently, its market cap dipped below the $1 trillion levels to approximately $968 billion at the time of writing according to CoinGecko. However, Bitcoin’s daily trading volume remains high as it was around $62.9 billion. Right before yesterday’s dip, Bitcoin had pumped to highs of $57k, which was attributed to the announcement by Tesla Inc (NASDAQ: TSLA) that it will accept Bitcoin payments and also hold the BTC units after the sale of Tesla cars.

Bitcoin Price and Its Market Cap

As Bitcoin volatility spike amid the weekly consolidation and short term correction, a number of whales have been identified in the past few hours. According to information provided by whale alert via Twitter, several long-term holders of Bitcoin have activated their accounts. “A dormant address containing 842 #BTC  (43,988,777 USD) has been activated after 8.4 years (valued at 9,779 USD in 2012)!,” one tweet reads. Elsewhere, another one containing 1,100 Bitcoin units was just activated after seven years. Interestingly, one of the tweet replies threw a teaser that the owner might just have been released from prison and suddenly become a rich person.

Bitcoin price dipped approximately 6.6% in the past 24-hours according to metrics provided by CoinGecko. As a result, the asset has shed around 10%, and 5.4% in the past one week and two weeks respectively according to CoinGecko. However, the mother of all digital assets is up approximately 687% in the past one year despite the market disruptions caused by the ongoing coronavirus pandemic.

The Bitcoin dip in the past 24 hours affected almost the entire altcoin market that also shed in a single-digit figure. Notably, Ethereum was down approximately 5.7% in the past 24-hours. Binance Coin (BNB) dropped approximately 7.1%, whereas DOT and XRP were down approximately 14.4%, and 7.2% in the same period respectively.

Market pullbacks are expected to take place along the way as institutional investors take profits at different intervals. According to analyst Josh Rager, profits are not realized until they are in the bank. “Don’t try to act like Saylor won’t take profits eventually, cause he will along with every other fund on the planet. Then they’ll buy back lower,” Rager stated.

However, other institutional investors are buying the dip as indicated by Grayscale. According to Grayscale’s latest update, the Bitcoin trust holds approximately $36.3 billion out of the total $42.9 billion in asset under management.

Notably, not all digital assets were affected by yesterday’s dip. Pundi X (NPXS) that is expected to update its ecosystem in the coming days has jumped approximately 17% to trade around $0.00843474 according to CoinGecko.

Altcoin News, Bitcoin News, Cryptocurrency news, News
Steve Muchoki

A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies. Mythology is my mystery! "You cannot enslave a mind that knows itself. That values itself. That understands itself."

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