Data Shows Traders Mildly Bullish Even as Total Crypto Market Cap Falls Below $800 Billion
Total crypto market cap has fallen to under $800 billion, but the data highlights a few reasons why some traders are optimistic.
Market analysis
Total cryptocurrency market cap fell 5% between Nov. 14 and Nov. 21, reaching $795 billion. However, the general sentiment is much worse, given that this valuation is the lowest seen since December 2020.
Total USD crypto market cap, 4 hours. Source: TradingViewBitcoin (BTC) price is down just 2.8% over the week, but investors don't have much to celebrate as the level current $16,100 represents a 66% year-over-year decline. Date. Even though the collapse of FTX and Alameda Research has been factored into the price, investor uncertainty is now focused on Grayscale funds, including the $10.5 billion Grayscale Bitcoin Trust.
Genesis Trading, part of the Digital Currency Group (DCG) conglomerate, halted withdrawals on November 16. In its latest quarterly report, the crypto derivatives and lending trading firm said it had $2.8 billion in active loans. The fund administrator, Grayscale, is a subsidiary of DCG, and Genesis acted as the liquidity provider.
The 5% weekly decline in total market capitalization was mainly affected by the negative 8.5% price movement of Ether (ETH). Still, bearish sentiment had a greater effect on altcoins, with nine of the top 80 coins losing 12% or more over the period.
Weekly winners and losers in the top 80. ..
Total crypto market cap has fallen to under $800 billion, but the data highlights a few reasons why some traders are optimistic.
Market analysis
Total cryptocurrency market cap fell 5% between Nov. 14 and Nov. 21, reaching $795 billion. However, the general sentiment is much worse, given that this valuation is the lowest seen since December 2020.
Total USD crypto market cap, 4 hours. Source: TradingViewBitcoin (BTC) price is down just 2.8% over the week, but investors don't have much to celebrate as the level current $16,100 represents a 66% year-over-year decline. Date. Even though the collapse of FTX and Alameda Research has been factored into the price, investor uncertainty is now focused on Grayscale funds, including the $10.5 billion Grayscale Bitcoin Trust.
Genesis Trading, part of the Digital Currency Group (DCG) conglomerate, halted withdrawals on November 16. In its latest quarterly report, the crypto derivatives and lending trading firm said it had $2.8 billion in active loans. The fund administrator, Grayscale, is a subsidiary of DCG, and Genesis acted as the liquidity provider.
The 5% weekly decline in total market capitalization was mainly affected by the negative 8.5% price movement of Ether (ETH). Still, bearish sentiment had a greater effect on altcoins, with nine of the top 80 coins losing 12% or more over the period.
Weekly winners and losers in the top 80. ..
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