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  • Qadir AK
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    Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Bitcoin On Thin Ice: Will The Market Cap Stay Above $1.04Trillion Or Is A Crash Looming?

The crypto market has witnessed a surge in bearish sentiment in recent days, sparked by an intensified regulatory crackdown in the United States. As the Bitcoin price struggles to reclaim the crucial support level above $26,000, on-chain data reveals that more miners have adopted a bearish stance in the short term. In an intriguing turn of events, Bitcoin miners have transferred over $70 million worth of Bitcoins to centralized exchanges, a move that has historically preceded market sell-offs.

Poppeโ€™s Analysis: Crypto Market Cap

According to popular crypto influencer and trader Poppe, the total crypto market cap needs to stay above $1.04 trillion in order to avoid further capitulation in the near term. Currently, the total crypto market cap stands around $1.06 trillion, with Bitcoinโ€™s dominance at about 49.20 percent.

Dark Days Ahead?

Notably, a drop below the current levels in the total crypto market cap could push the industry towards below $1 trillion and perhaps revisit last yearโ€™s ATL below $800 billion.

Bitcoin Is The Key!

The crypto market is currently reliant on Bitcoin price action following a significant decline in overall liquidity. According to Poppe, Bitcoin price must hold above the 200 weekly EMA to ensure a rebound in the coming days.

https://twitter.com/cryptomichnl/status/1668195436237291521?s=46&t=AoPAj8ALP_1386EXIpJGJg

Meanwhile, the previously anticipated altcoin season could get delayed by months despite the crypto adoption in Middle East nations, Europe, and Hong Kong.

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