Bitcoin’s market value dropped to $605 billion by May. BTC trades below $50,000 due to the bearish market stance.
Last month, Bitcoin was beaten to a bloody pulp with the crypto market crash, triggering the top crypto’s market value drop. And it’s not just the crypto that bore the brunt of the pounding. The same happened to other popular cryptocurrency.
If you consider the positive aspects of a negative situation, BTC is still the market leader in terms of June 2022’s market capital. Market cap for BTC was $605.8B at May’s end.
If you compare June stats with BTC’s May 1 opening day market value, you’ll see how it has declined by 17%. Market cap was $732 billion, and trading volume equal to $27 billion.
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Bitcoin remains bullish
Bitcoin had lost over 50%, and was at its highest point in November 2021. This occurred before the cryptocurrency market began to spiral downwards. The fall of Terra followed, further sabotaging the crypto market.
Fear and uncertainty have been spread by investors’ bullish, or weakened, sentiments. Many investors were panicked and withdrew money.
Since November 2021, Ethereum and Bitcoin, two of the most popular digital assets on the cryptocurrency market, have fallen by over 40%. BTC has experienced extreme volatility over the past few months. Investors feel this agitation.
The brighter side is that with cryptocurrency at $29,000 crypto investor confidence has been restored. This consolation comes with the fact that crypto has somehow stabilised.
You can expect more fluctuations over the next months.
Experts believe Bitcoin will experience more volatility in the next months. The entire cryptocurrency market cap fell by 43% in the last two months. There is still hope that the crypto market can regain its glory if certain metrics are achieved.
An bearish cryptocurrency market may not be one investors want to invest in, but it is something that you need to accept. A bearish position has advantages because investors have more time for evaluation and to check out other projects that might be able to go higher once prices increase again.
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Bitcoin’s opening on May 1 bolstered to $37,713 and went further up with a monthly high of $39,789. However, it tested at $26,350 May 12, and closed May with a trade price of $31,792.
BTC receives a 15% discount between May’s opening and close stats.
Featured Image from Nairametrics. Chart from TradingView.com