More On: bitcoin
As of Sunday evening, the global cryptocurrency market value had fallen by 2 percent to $1.9 trillion, with Bitcoin and other major currencies trading in the red.
|Cryptocurrency||24-Hour % Change (+/-)||Price|
The pinnacle coin has held on to the $41,000 mark, despite a weekend fall, following Friday's $42,000 high.
According to OANDA market analyst Edward Moya, "Crypto traders should be impressed that Bitcoin is still lingering around the $40,000 level despite a soaring dollar, dropping Bitcoin mining, and diminishing NFT interest."
If Wall Street can still invest billions of dollars into the industry, which seemed a given conclusion two months ago, Bitcoin's next big rise will rely on that."
A war in eastern Europe has added to the negative connotation of Bitcoin. On Sunday, Russian and Ukrainian soldiers clashed in Mariupol, escalating the conflict in Ukraine. According to Reuters, shellfire was reported in the Ukrainian capital, Kyiv.
There are signs that major Bitcoin holders are stockpiling their digital currency. According to a Santiment tweet from Sunday, whales with $10 BTC or less have been adding to their chests since May 2021. According to the market intelligence website, the number of whales with more than 10 BTC is dwindling.
It's still unclear, according to Amsterdam-based digital currency dealer Michal van de Poppe, just "where Bitcoin's going to take liquidity."
Guys and girls,— Michaël van de Poppe (@CryptoMichNL) March 20, 2022
I don’t care #Bitcoin goes up or down. I care about my own portfolio.
Overall, #altcoins are down a lot, had some momentum, but the question will be where #Bitcoin is going to take liquidity.
If $39.6K is lost, we probably are going to see a lot of pain.
There is likely to be a lot of anguish if $39.6K is gone.""
Bitcoin has underperformed Ethereum and the top 20 most traded currencies in the long term, according to Glassnode co-founders Jan and Yann.
#Bitcoin has clearly outperformed altcoins for the better part of 2022.— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) March 19, 2022
We expand on the upcoming altcoin recovery as more stablecoin buying power is converted into risk-on https://t.co/VB2a0BHthe pic.twitter.com/YJHdfcu6iX
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