$ 340 billion exits crypto market in a week, but analysts remain bullish

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The value of Bitcoin (BTC) briefly slipped below $ 57,000 on Friday, November 19, after a short rise earlier in the week following a major network upgrade.

This week, the value of many other leading cryptocurrencies, including Ethereum (ETH), Solana (SOL) and Cardano (ADA), as well as Dogecoin (DOGE) and Shiba Inu (SHIB) meme coins, also fell. .

The price cuts have led to an exodus of hundreds of billions from the global cryptocurrency market. Indeed, on Monday the total market cap was $ 2.87 trillion, today it is $ 2.53 trillion, which is an outflow of $ 340 billion.

global crypto market capitalization. Source: CoinMarketCap.com

Additionally, the global cryptocurrency market cap is $ 2.54 trillion, down 3.05% from the previous day, according to statistics from CoinMarketCap.

Meanwhile, the overall crypto market volume over the past 24 hours, by contrast, increased 17.62% to $ 147.81 billion. In terms of 24-hour volume, DeFi is present at $ 19.62 billion or 13.28%; in comparison, the aggregate volume of all stable currencies is currently $ 115.16 billion, or 77.91%.

Bitcoin crash

Bitcoin’s price maintained its grip on more than $ 57,000, boosted by the release of Taproot’s long-awaited upgrade over the weekend, which increases the privacy and security of the cryptocurrency.

Nonetheless, after hitting an all-time high last week, Bitcoin is currently trading at $ 57,142, down more than $ 10,000 from its previous high. Over the past two days, Bitcoin has slipped out of the $ 59,000- $ 61,000 range it was trading in, dipping just below that level to reach its lowest point since late October.

There is no clear indication that the decline will stop anytime soon; Crypto traders will be watching over the next few hours to see if the downtrend continues or if the price is testing its lower bound again.

Regarding this, crypto analyst Credible Crypto said:

“19 months later, and here we are. It doesn’t matter what kind of structure this wave 4 forms – the goal is the same – reaccumulation before the 5th and final wave of this bull cycle.

BTC wave form 4. Source: Credible Crypto

Likewise, prominent crypto trading analyst Michael van de Poppe still considers us to be in a bull market:

“As a reminder, Bitcoin could even correct to $ 48-50,000 and stay bullish. I expect a lengthening cycle to take place, and healthy correction is one of them.

He added:

“The first very important region is hit for Bitcoin. I wouldn’t be surprised if we got short term relief from this area as we just saw a 16-18% correction.

graphic btc / usdt. Source: Michael van de PoppeAltcoins falls in tandem

In particular, most of the top ten cryptocurrencies have lost between 6% and 10% of their value in the past two days, with Tuesday’s flash crashing just under a week after some of the ‘between them reached historic highs.

Ethereum is also defying the psychological barrier of $ 4,000, having lost more than 5% of its value in the recent 24 hour period. Solana suffered the largest losses among major cryptocurrencies, the most staked crypto asset in value, as the price fell more than 10% last week.

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