Bitcoin market cap back below $1 trillion as correction deepens

As the bitcoin market begins to form a new daily red candle, the market’s capitalization has fallen below the $1 trillion mark.

The third major correction in the current bull market is gaining momentum, with prices already down 12.5% from their all-time high of $60,100 on the 13th. Mars has fallen.

According to CoinGecko, BTC’s market capitalization currently stands at $980 billion, down $140 billion in the past seven days since last Thursday, the 18th. March.

The move comes just days after analyst Willie Wu predicted that the company’s overall capitalization would not fall below these levels.

1T is already actively supported by investors. I’d say there’s a good chance we’ll never see bitcoin go below $1T again.

BTC’s market capitalization exceeded the market cap for the first time on February 19, but did not stay there for long and fell back just four days later. The 9th. In March, it broke the ten-figure mark for the second time and stayed above it until today’s drop.

The total market capitalization of the entire crypto ecosystem is currently $1.65 trillion, according to CoinGecko. Since Monday the 22nd. In March, it fell 9.8%, or $180 billion.

Vested earnings may be a major factor in the downturn, according to analyst Josh Reiger, who said unrealized gains are not realized until they are in the bank.

Michael Saylor, CEO of MicroStrategy, whose company has bought a lot of bitcoin this year, added:

Don’t try to act like Saylor won’t make a profit because he’s at every other fund on the planet. Then they buy lower

According to Cointelegraph, there are several signs that the downturn may continue. Analytics provider Glassnode used a risk-on reserve metric that measures holders’ long-term confidence in the bitcoin price to suggest that conditions are similar to the second half or final phase of a bull market.

Meanwhile, CryptoQuant has analyzed the flow of BTC to and from exchanges and predicts that it will take some time for supply and demand to peak again.

At the time of writing, bitcoin is down 3.6% at $52,350 as futures begin to find their way back into the ecosystem.

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