The crypto world has been buzzing for some months now, with many coins reaching new all-time highs and surpassing these levels in record time. Even newbie investors have recently made life-changing profits from coins like Doge, Shiba, and Safemoon.
The narrative has however changed in the past few days. Bitcoin slumped to as low as $30,000 in the later hours of Wednesday before finally regaining some strength and bouncing back up to around $38000. Following this unexpected fall, a lot of yearly and monthly records have been taken down in the crypto space.
Crypto Market Analysis
According to data from Glassnode, the SOPR & (7d Moving Average) just reached a new low in the past 8 months for Bitcoin. The SOPR hit the 1.0003 level. The previous 8 month low was observed in October 2020.
Bitcoin Percent UTXOs in Profit just reached a 7-month low of 89.365 percent. Following the price plunge, it is expected that this stat does not come as a surprise.
The tumultuous week BTC is having hasn’t indicated signs of ceasing yet as the value holds at about $40,000 on May 19 having lost over 8.2 percent in 24 hours and 29.3 percent in a 7 day span, according to data from CoinGecko.
Glassnode data reveals that the leading crypto has further shed over $2 billion in positions on both long-term and short-term on Wednesday alone, and over $10 billion liquid in perpetual and futures trades.
The data from Glassnode indicates that a lot of investors pulled out of Bitcoin. At the same time, it also revealed that some die-hard crypto fans have capitalized on the market dip to bag some more coins.
Ethereum as well isn’t spared from the recent bearish trends as the value of one Ether has pummeled to $2,905 bearing a 15.6 percent loss in 24 hours and an estimated 30.5 percent loss in a 7 day span.
During this intense volatilities in the crypto space, traders have not failed to express their emotions on social media. Numerous memes have been trending and going viral in the Twitter crypto community.
Many crypto folks have revealed that they kept on buying and buying Bitcoin and other crypto-assets hoping for a bounce-back only to see that the dip keeps on getting dipper. However, the coming days and months will reveal if they have actually made the right decisions.