Miners are cutting down on selling their mined Bitcoin (BTC), but the cryptocurrency is still gaining pace. In only two weeks, the leading cryptocurrency by market size has seen a 30 percent surge, sending it beyond $23,000 early Tuesday. Bitfinex’s experts have been keeping tabs on onchain movements, and they’ve seen a multi-year low in the amount of bitcoin being moved from miner addresses to exchanges’ wallets.
However, this optimistic outlook has changed in the last day as a result of Bitcoin’s value falling by 1.79% to $22,688.99. The price decline of the major cryptocurrency has had an effect on other, less prominent cryptocurrencies, such as altcoins, which have also witnessed price declines of 20 to 25 percent.
Bitcoin (BTC) now has a market cap of $438,132,546,579 and a trading volume of 1,202,332 BTC, putting it ahead of Tesla, which has a trading volume of $415,212,568,576 and is up by 0.10%.
Because of the drop in BTC price, investors and traders are concerned about the market’s situation, as they are concerned about the next move in BTC price, and they are panicking, wondering whether the bull market is finished and if they should anticipate further lows in the BTC market.
In addition, the cost of one Ethereum (ETH), has decreased by 4.91%, bringing the price to $1,555.22. This indicates that the bears have taken control of the cryptocurrency market over the course of the previous 24 hours.
Recommended News:
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
