BTC Experiences Biggest Hourly Drop in 4 Months, Crypto Market Cap Falls by 3.82%
According to CoinMarketCap, the global cryptocurrency market cap has dropped by 3.82% in the last 24 hours, bringing the total market cap to $1.03 trillion as of press time.
Bitcoin (BTC), the leader of the crypto market, also suffered a price drop during this market selloff. As of press time, the price of BTC has fallen by 4.25%, currently standing at $22,411.86. This decline in BTC’s price has contributed to its negative weekly price performance, now at -6.28%.
Santiment, a crypto analytics platform, tweeted that it has been 4 months since BTC has experienced a 5% or more drop in a single hour. However, between 1 am and 2 am UTC this morning, BTC’s price broke this streak. Santiment’s tweet stated that the recovery of BTC’s price will depend on the amount of worry expressed by the crypto market crowd in the coming hours, allowing whales to purchase weak-handed coins.
Renowned crypto trader Michael van de Poppe (@CryptoMichNL) also tweeted about BTC’s recent 24-hour price drop. He stated that this price drop was the reason why he was waiting for “longs to be bought on Bitcoin” and that he wanted to see a clear break of $23.8k before going long on BTC. The popular crypto trader also said that BTC’s price has dropped to his trade entry area of around $22.3k, which it has “hit and filled” over the last 24 hours.
Please note that the views, opinions, and information shared in this price analysis are published in good faith. Readers must conduct their own research and due diligence, and any action taken is solely at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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