Is It Finally Time for a Decent Correction?

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.

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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.

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