The global crypto market cap rose 1.83 percent to $1.26 trillion on May 22, indicating that most cryptocurrencies benefited.
Bitcoin (BTC) continues to decline after failing to maintain the $30,000 level. Volatility has moderated recently, which means there will be a sudden low movement over the weekend. If the rate falls below $29,000, the crypto could head to the $28,000 zone next week.
BTC will lose 52% of its value,
One statistical According to the CEO of renowned on-chain analytics firm Cryptoquant, Bitcoin (BTC) is raising a major warning flag for investors.
Ki Young Joo has warned his 292,600 Twitter followers that historical data suggests bitcoin could drop to $14,000. Based on the previous maximum drop, the macro crisis could cause BTC to fall so badly that all bitcoiner institutions go under water.
Bitcoin is currently trading at $29,277, up 0.34% from its previous high. If BTC moves towards the analyst’s price target, it faces a 52 percent downside risk.
According to volume analysts, the latest bitcoin investors are likely to be deep underwater if the market cap turns its worst.
Following data from the UTXO age band, which records the potential price level where long-term holders have deposited BTC, Ki Young Joo calculates the average entry price for each generation of bitcoin investors over the past 11 years.
The CEO of Cryptoquant turns his attention to EthereumThe most popular smart contract platform (ETH).
He emphasized that despite the large price drop, the ETH ecosystem remains strong due to growing interest in new blockchain areas including decentralized finance (DFI), non-fungible tokens (NFTs), decentralized autonomous organizations (DAOs), and play-to-play. Is. Earn Blockchain Game (GameFi).
While the price of ETH is down 56% from its peak, the number of active addresses has decreased by only 7%.
Today, Ethereum has 551,705 DAUs (daily active users) if each address is considered a user. These are unrelated to the price of Ethereum and instead invest in DeFi, NFT, DAO and GameFi projects.”