Bitcoin’s value has more than halved since the beginning of the year, but as more and more winners “surrender”, CryptoQuant believes a bottom is near.
Our data shows that there was a capitulation, which usually occurred before the market bottomed out in previous cycles, writes CryptoQuant Chief Analyst Julio Moreno in a recent analysis.
At the time of writing, bitcoin costs just over $21,000, equivalent to roughly 208,000 kronor, after dropping more than 50 percent so far this year. At worst, the price fell to $17,600 earlier in June.
The landslide came largely on the heels of stock market declines and fears of rising inflation and higher interest rates. However, Bitcoin has done relatively well compared to many smaller cryptocurrencies.
The total market capitalization of all cryptocurrencies has fallen by about two thousand billion dollars from its peak at the end of last year, to just under one thousand billion dollars (nine thousand billion kroner).
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According to CryptoQuant, the redemption price is down 60 percent from the same time last year. This is the biggest drop since the crisis sale in March 2020 when the Corona pandemic broke out.
Low prices put pressure on the bitcoin winners, who are now selling unusually high volumes on cryptocurrency exchanges.
Last month, the winners moved 23,000 bitcoins to cryptocurrency exchanges. This is the highest level since May 2021, when China cracked down on the local cryptocurrency industry.
This is beyond CryptoQuant’s prediction that a Bitcoin bottom is imminent, but they stand out from many other market analysts who believe that the cryptocurrency’s downturn will only continue. Bloomberg writes.
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