The attached overview from Coin360 illustrates the development of the crypto market over the past seven days. The total crypto market cap currently stands at $903 billion. In the process, Bitcoin’s market dominance decreased slightly further rounded off to 42%.
The market cap of Bitcoin decreased slightly further to $388 billion. The market dominance of Ethereum (ETH) remained at 15%, while the market cap of the number 2 coin did decrease slightly compared to last week to $133 billion currently.
Bitcoin consolidates around $20,000
The crypto crash has not left Bitcoin unaffected either: since March, the price has once again fallen by more than 50%. In the process, the Bitcoin price has ended up at levels seen in late 2020/early 2021.
Currently, Bitcoin is consolidating around $20,000 and is waiting for positive impulses that can give the crypto market another boost.
BitcoinTreasuries.net accurately tracks how much Bitcoin major parties have. What strikes us is that precisely no Bitcoins have been sold by these professional parties, which in itself is a positive sign. These are often parties with strong hands. This is in contrast to usually private investors who have weak hands and therefore easily sell and throw in the towel when panic sets in.
Only when we notice that large parties listed on BitcoinTreasuries.net are scaling down their Bitcoin holdings should we be concerned. For now, that is not the case and we are seeing at least a stabilization or even a cumulation among some parties.
Of course, a lot more will have to happen in the crypto market to restore confidence, but the developments and Bitcoin activities of parties on BitcoinTreasuries.net are at least encouraging.