- BTC capitulation heading to $12k?
- ETH Fall Below $1000 after 18 months
- Ethereum drops below $1000 On Coinbase after 18 months
The price of assets in the coin market have continued to plummet. BTC is currently down by 8% in the past 24 hours. It is currently trading at $19,180. This is a value last seen since November 2020. Ethereum is down to the $999 breaking a support that it last bridged in December 2020.
As the coin market continues to bleed, the global market cap has dropped to levels last seen in January 2021. This is according to data from Coinmarketcap seen on June 18. According to the information, the global cryptocurrency capitalization value has dropped to $845 billion. This is down from $1.64 trillion global capitalization in November, 2021. This is a 48% drop in capitalization in 7 months.
Top Dominant Coins
Bitcoin is still the most dominant coin, controlling 47% of the global coin market. Ethereum follows with a dominance of 14%. Other coins with substantial dominance as seen from June 12 data on Coinmarketcap are Tether, USD Coin, Binance Coin, Binance USD, Cardano, XRP and Solana.
Bitcoin is trading below $20,000 for the first time in 19 months, The coin is down by 33% on the 7-days chart. While on the daily chart, it has lost 7.3%. The marketcap is down by 7.3% while the trading volume of the asset is up by 0.8%. The charts show that BTC is still in a downtrend. The falling price is an indication that more investors are selling the cryptocurrency than those buying it.
Good for The Market
According to ImThour, a market analyst,
“Bitcoin Monthly is about to close below support trendline which means, it will fall towards one of these support zones…”
In the view of another analyst, without_worries,
“This is ‘capitulation’, it is a good thing. The market needs to flush out those weak hands to move on. Once they are gone, it’s over. To help put the bearish sentiment into perspective, the above monthly chart is Bitcoin over the M2 money supply, which has seen a 40% increase in supply since the 2017 Bitcoin top.”
The Relative Strength Index (RSI) of Bitcoin is currently 20. This means that the coin is in the oversold region, but we are yet to see signs of reversal nor the volume necessary to show that there are enough bullish sentiment to stabilize the price of the asset. Expect the price of BTC to drop further to the next support zone