Bitcoin struggles to maintain the level of 42 thousand dollars and its dominance in the market rises above 40%
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Answer Bitcoin struggles to maintain the level of 42 thousand dollars and its dominance in the market rises above 40%
Since the beginning of 2022, the market capitalization of cryptocurrencies has been shrinking and declining.
Bitcoin topped the latest market dump.
The largest cryptocurrency has lost nearly 20% of its value in the past 10 days as its market cap drops below $800 billion.
Bitcoin is not the only digital asset facing a correction in the market these days.
Ethereum’s performance is worse.
Ethereum dropped significantly over the weekend and reached a low of $3,035 last Saturday, rebounding higher and trading at $3,165 on Monday.
Cryptocurrencies in general have lost nearly a quarter of their value since the start of 2022.Read:Cryptocurrency custody company Ledger closes $380 million funding round
Cryptocurrency analysts across the market described the correction as a natural portfolio adjustment after a massive bullish rally in 2021.
While some short-term investors are concerned about the weak activity of the Bitcoin network this year.
hung “Santiment” about the current state of the market in its report, as follows:
As one week into 2022, the cryptocurrency market caps are shrinking very quickly.
The behavior of whales and network fundamentals did not look very attractive.
During these times, it is often easy to forget that social feelings play a major role in how and when things will turn out.
Bitcoin and Institutions:
2021 was a great year for bitcoin in terms of institutional adoption.
With tech giants like Tesla announcing an investment of billions in cryptocurrency, existing bitcoin holders have increased their crypto holdings.
In 2022, cryptocurrency investors are optimistic about the broader adoption of Bitcoin.
In a discussion with CNBC last week, Galaxy Digital CEO Mike Novogratz stated that many institutions are planning to add bitcoin to their balance sheets, adding:Read:The European Union is studying and preparing to legislate the digital euro by 2023
We see a huge amount of institutional demand on the sidelines.
I’m not nervous in the medium term.
I know the big organizations that go through with their operations.
They will see these levels as attractive levels to buy.
On the charts, it looks like the $38,000 level is where we need to go.
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