As Bitcoin markets begin to form another daily red candle, its market capitalization has dropped back below the $1 trillion mark once again. The third major correction in the current bull market is deepening, and prices are already down 12.5% from their all-time high of $60,100 on March 13. According to CoinGecko data, the BTC market capitalization is currently $980 billion, having dropped $140 billion over the past seven days since last Thursday, March 18.
Bitcoin’s market fails to sustain a trillion-dollar market cap.
The move comes just a few days after analyst Willy Woo predicted that its total capitalization would not fall back below these levels again. “$1T is already strongly supported by investors. I’d say there’s a fair chance we’ll never see Bitcoin below $1T again,” Woo had stated. The BTC market cap first surpassed a trillion dollars nearly a month ago but did not remain there long, falling back below it after just four days. The second time it topped ten figures was on March 9, and it remained above the milestone level until today’s slump.
The entire market cap of crypto stands at $1.65 trillion.
The total market capitalization for the entire crypto ecosystem is currently $1.65 trillion, according to CoinGecko data. It has fallen by 9.8% or $180 billion in the last couple of days. In reference to MicroStrategy CEO Michael Saylor whose firm has been buying a lot of Bitcoin this year, he said, “Don’t try to act like Saylor won’t take profits eventually, cause he will along with every other fund on the planet. Then they’ll buy back lower.” Analytics provider Glassnode used the risk reserve metric, which assesses the confidence of long-term holders relative to the price of Bitcoin, to suggest conditions are similar to the second half or later stages of a bull market, suggesting the pullback continue.