The Global Crypto Market Sees a Decline After Reaching New Highs
The global crypto ecosystem experienced a significant downturn after a period of consistent growth. Bitcoin (BTC) recently hit an all-time high of $69,170 with a market cap exceeding $1.4 trillion. However, the flagship cryptocurrency has since dropped below the $60,000 mark as the market cooled down.
Bitcoin Enters Overheated Zone
CryptoQuant’s head of research, Julio Moreno, presented a chart on X showcasing the Bitcoin heatmap since the beginning of the year. The data revealed that BTC entered the overheated zone as it surpassed $60,000.
Market Cap and Trading Volume
Following Bitcoin’s price drop, the global crypto market cap also decreased by 1.4% within 24 hours, falling from $2.68 trillion to $2.58 trillion. Despite this decline, the daily trading volume increased by 27%, reaching $317 billion in the same period.
Holding Crypto Assets During Price Dip
According to Santiment’s data, many users on X and Reddit are discussing holding their crypto assets during this recent price dip. Some users believe that this may be an opportune time to buy Bitcoin and anticipate a further price rally.
Santiment’s data also indicates that Bitcoin’s investor sentiment is currently hovering between neutral and slightly bullish at its current price point.
Shiba Inu Remains Bullish
Despite the overall market decline, Shiba Inu (SHIB) continues to show bullish signs according to Santiment. SHIB has witnessed a remarkable 230% rally in the past seven days and has reached levels not seen since late 2021.
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