Altcoins

Are Whales Pushing Bitcoin To Another Series Of Accumulation?

Written by: Elena R

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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Dec 8, 2021

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Highlights

    Crypto assets from the industry fall prey to yet another round of corrections.

    Traders from the industry are now in turmoil with the skittish nature of the industry.

The crypto town has fallen prey to yet another round of corrections. Wherefore cryptos from the market are now exhibiting negative scores. The global crypto market cap has fallen back to $2.31 Trillion, which is down by 3.58%. Whilst the dominance of the star crypto is at 40.2%, the dominance of Ethereum is at an astonishing 21.9%.

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Meanwhile, traders and enthusiasts from the industry are now in a state of turmoil with the plan of action. As the market has been extremely skittish in nature, which is far from routine. The fall of BTC price to levels below $50,000 has resulted in the industry being skeptical with the year end targets of the market leader.

Will Bitcoin Sink The Crypto Market To Extreme Lows This Winter?

The star crypto has been sailing the rough tide, while a tsunami hits the market. Bitcoin has been shedding its valuation at a brisk rate. As previously reported by CoinPedia, Bitcoin has rejected the levels around $51,600, and is currently hovering above $49,000. 

However, BTC price needs to gripe the levels around $46,000, from falling into the trap of the bears. Successively, levels around $46,000 and $47,800 are range-bottom according to the analyst. The current levels remain crucial for BTC to determine the trajectory of the asset.

According to Glassnode Alerts, Bitcoin hash rate has reached a 5-month high of 496,597,364,071,126,007,808. The exchange net flow (1d MA) has reached a month-low of -1,528.459 BTC. The number of UTXOs in loss (7d MA) has hit a 1-month high. While the number of UTXOs in profit (7d MA) has hit a 1-month low. Meanwhile, the addresses making purchases are at an incline.

Ethereum To The Rescue?

A proponent from the industry cites that BTC has been struggling to hold $49,000/$50,000. ETH and fellow altcoins have been holding or retesting the support. Which leads to the question arising, if Bitcoin will bring the entire market down. He further mentions that, if flips the current levels and ETH loses grip of levels around $4,150 to $4,200. It could invite bears to take incharge.

On the contrary, the dominance of the second-largest crypto Ethereum has been growing at an exceptional rate. Which is currently at 21.9% against that of Bitcoin at 40.2%. The growing dominance of Ethereum has been instilling faith in the community of altcoiners. That Ethereum could take lead and help fellow digital assets embark towards the alt season.

Collectively, the lengthening market cycle which the proponents have been referring to as the super cycle. Has been casting an eclipse on the bullish momentum, which now seems to be perpetual. However, we can expect the market to rebound from current blues, as it has been doing previously. Hopefully, the bulls barge-in taking the market to sky highs.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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