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Bitcoin’s Market Capitalization Drops Below $1 Trillion

With the crypto market starting another day in the red, Bitcoin’s market cap again fell below $1 trillion.

The third major correction of the current bull market is deepening. After reaching an all-time high of $61,683 on March 13, Bitcoin lost nearly 14% in value and is trading at $53,100 as of the time of writing.

According to CoinMarketCap data, the market value of BTC has also decreased by $83 billion in the seven days since March 18, and it has declined to $996 billion as of the time of press.

Analyst Willy Woo had said just a few days ago that there is a high probability that the BTC market cap will never drop below $1 trillion again.

$1 trillion is strongly supported by investors. It seems likely that Bitcoin’s market cap will never fall below $1 trillion again.

The market value of BTC, which exceeded $1 trillion for the first time on February 19, could not hold this level for a long time and fell below $1 trillion after four days. Bitcoin, which reached the trillion-dollar level again on March 9, has managed to hold on to this level so far.

The total market value of cryptocurrencies has also declined by about 9.5% since March 22, to $1.66 trillion.

Analyst Josh Rager suggested that one of the biggest factors behind this decline could be profit-taking.

Mentioning MicroStrategy CEO Michael Saylor, whose company has bought a large amount of Bitcoin in recent months, Rager said:

Don’t try to pretend that Saylor is not going to take profit in the end, he will get profits like all other funds on the planet. They will buy back at the lower price.

If you have any questions and comments on Bitcoin today, use the form below to reply.

© MarkStevenson for Commodity News, 2021. | Permalink | No comment |
Published under: Bitcoin

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