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In the past few hours, Bitcoin bears took hold of the world’s most popular crypto, as it dropped as much as $4,000 when it traded at $41,400 on Sunday afternoon, before rebounding slightly to around $38,200 at press time.
- Bitcoin traded at $38,224.39 with a daily trading volume of $69 billion.
- Bitcoin is down 5.86% for the day and presently has a market value of $711 billion.
READ: List of Cryptos outperforming Bitcoin, with weekly gains of over 100%
READ: Ethereum defying law of gravity surges past $1,050
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What this means
The bearish trend prevailing at the bitcoin market is largely attributed to a significant amount of profit-taking in play on the account that Bitcoin realized profits are at record highs.
READ: Elon Musk’s Tesla now worth $834 billion, bigger than Facebook
- Yesterday alone, the total net realized a profit of all coins moved on-chain was $5.5 billion.
Note that these represent BTC on-chain movements (comparing price at UTXO creation/spent times), not trades.
READ: Bitcoin, Cardano, Polkadot, Ethereum suffer heavy losses over proposed regulations
#Bitcoin realized profits at record highs.
Yesterday alone, the total net realized profit of all coins moved on-chain was $5.5 billion.
Note that these represent BTC on-chain movements (comparing price at UTXO creation/spent times), not trades.
Chart: https://t.co/RtEUeu9VPa pic.twitter.com/nj3aJSnIWa
— glassnode (@glassnode) January 8, 2021
Though new but going through your analysis I have confidence I could follow you
Will BITCOINS ever raise again?because i have noticed since yesterday being Sunday it has been falling.
Bitcoin will always rise and fall.
This volatility is where day traders and scalpers make their earnings.
cest exact
The title of this post is easily misleading. There’s nothing black about the Sunday