The recent changes in the market value of Bitcoin have attracted more and more attention from the market. According to CoinGecko's data, the total market value of global cryptocurrencies has exceeded 2 trillion U.S. dollars, while the market value of BTC has reached 1.09 trillion. The current market value of BTC is 49%, and non-BTC currencies have reached 51%. The low market capitalization ratio of BTC has not happened many times.
The main reason for this phenomenon is that BTC has been difficult to break through after reaching a trillion U.S. dollars, especially for the $60,000 barrier. It is still difficult fro BTC to stand firm after it hitting four times, and its market value has not changed much.
On the other hand, cryptocurrencies other than Bitcoin have changed a lot in recent times. For example, Ethereum has continued to set new highs in the past few days, and today it has exceeded $2,150, and its market value has reached more than US$244 billion. XRP went from seventh place in market value to fourth, and it broke through $1 today, setting a new high of $1.09 as of writing.
In addition, there are other popular currencies that have undergone major changes. In the past two days, mainstream cryptocurrencies have risen in general. The platform currency has been rising for a period of time, and DeFi has remained at a high level. Many other altcoins have also appreciated greatly during this period.
According to the changes in the market structure in the past few years, the market value of Bitcoin is in a process of constant adjustment, that is, no matter when the market value of Bitcoin is too high or too low, it will eventually return to a reasonable range, and this range is roughly It's like 60%-70%, so the current proportion is actually in a relatively low position. If you want to adjust, only the market value of Bitcoin increases or the market value of other currencies decreases to achieve the goal. The decline in the share of Bitcoin’s market value is not due to its own lack of effort. From a market value of less than $200 billion last year to more than $1 trillion today, under such circumstances, the market value of other cryptocurrencies can still rise, reflecting the fact that the favor of new funds in the cryptocurrency market can still be expected in the future.
Returning to the price chart, today the market rushed to $59,483 USD at 1:00 (UTC) and immediately began to pull back. At the lowest point, it returned to around $58,350 and rebounded. At present, the rebound is not very strong.
From the chart, it can be clearly seen that the price rushed to $60,000 four times, but it is obvious that the first few shocks were rushed from lows, or a rapid rebound after a correction, and this time it was below $60,000. A platform is constructed. Bitcoin does not seem to be in a hurry for an impact at the moment, but it can also be seen as a quick counterattack from the bears once there is an intention to impact. But the shorts' counterattacks are also limited. For example, once the market pulls back to the vicinity of Boll's middle rail, it will immediately rebound. In the past week, Boll's middle rail has supported 3 further market drops.
Therefore, although the recent market has experienced rapid rises or dips in a short period of time, it is actually a shock within an interval. When the operating structure of this interval is officially broken, the next direction of the market is determined. Since the intraday market To focus on volatility, then we must pay attention to the subsequent fluctuations in US stocks.
DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.