After recovering $2 trillion at the end of March, cryptocurrency market capitalization returned below this threshold. This decline was influenced by today’s bearish streak of almost all major digital assets, in particular bitcoin.
Over the past week, the flagship digital instrument, bitcoin, has fallen from $45,860 to $40,900. This represents a decline of over 11 percent over the past week. Data from CoinMarketCap indicates that the price of bitcoin has dropped by 4.3% over the last day.
According to Rekt Capital, BTC failed to successfully test two key exponential moving averages (EMAs) for the bull market.
Specifically, he pointed out that testing these moving averages three days ago may indicate a level of support.
Michal van de Poppe said that bitcoin would be headed towards $56,000 if he was able to test the $46,881 resistance level.
Market capitalization and the bitcoin rate
As a result of the falling exchange rate, the market capitalization of the original cryptocurrency fell as well. It was 870 billion dollars seven days ago, but today it is just 777 billion dollars.
As a result, the capitalization of the entire cryptocurrency market has fallen below the $2 trillion mark and now stands at $1.9 trillion, a loss of approx. 11% over the past week.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.