has fallen below $ 50,000 after breaking up resistance had encountered. and other lower capitalization assets have also declined.
Bitcoin is facing resistance
Bitcoin is driving the cryptocurrency market into the red. The leading crypto asset failed to break resistance at $ 52,000 on Monday, causing it to fall sharply below $ 50,000. It is currently trading at $ 49,250.
Bitcoin’s rebound comes as several indicators point to a bearish outlook for the asset. Santiment data shows that so-called “whales”, large owners who hold between 1,000 and 10,000 Bitcoin, have sold their coins.
The share of the offer distributed to holders with 1,000 to 10,000 Bitcoin has fallen to 27.52% in the last week. In addition, the supply held on exchanges has increased to 2.25 million bitcoin.
The supply held on exchanges is popularly used as an indicator for measuring price movement. Less coins held on exchanges are considered bullish, which suggests fewer holders are selling their assets.
Distribution of the Bitcoin supply.
Many other assets have also suffered from the Bitcoin downturn. Ethereum is down 4.5% today while other Layer 1 coins like Solana, Terra and Polkadot were more affected. Several DeFi-Token like UniswapUNI from Curve, CRV from Curve and MKR von Maker have also shifted downwards.
One exception to the decline is Sushi, whose token has risen 8% in the past 24 hours. The decentralized exchange in the midst of the renewed trust in the project after the well-documented battles of the last few months.
Bitcoin has had a rocky year, although the crypto market has jumped to new highs. It saw an increase in global Market capitalization for CryptocurrenciesHowever, which topped $ 3 trillion in early November, struggled to maintain its momentum for the remainder of the year.
It has taken a downturn in the past few weeks as other lower cap assets like and Terra made new highs. Bitcoin’s market capitalization is currently just over $ 931 billion at press time, which equates to roughly 38% of the cryptocurrency market.
Source: Crypto News Deutsch