The market cap of bitcoin fell to around $605 billion at the end of May. BTC is currently trading below the $50,000 mark due to the bearish trend of the market.
Last month, bitcoin was beaten to a bloody pulp with the crypto market crash, causing the top crypto’s market cap to plummet. And it’s not just crypto that bears the brunt of being faster. Other popular cryptocurrencies had the same fate.
But if you look at the good parts of the bad, BTC remains the king in terms of market cap in June 2022. The coin has ended with a market cap of $605.8 billion.
If you compare the data for June with the market cap of BTC as of May 1st, you will see that it is down by 17%. The trading value as of May 1 had a market cap of $732 billion and the trading volume was in line with $27 billion.
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bitcoin remains bullish
Bitcoin had dropped more than 50% of its value to its all-time high in November 2021, before the crypto market’s downtrend. Its fall was followed by the collapse of Terra, which further paralyzed the crypto industry.
Bullish or weak sentiment has created fear and uncertainty among investors. A lot of investors panicked and withdrew their money.
Both BTC and Ethereum, the two major digital assets in the crypto market, have fallen by over 40% since November 2021. The price of BTC has been highly volatile over the past few months, and investors are feeling the movement.
On the bright side, with the cryptocurrency set at $29,000, investor confidence has been restored with the consolation that the crypto has somehow stabilized.
More ups and downs in the coming months?
On the other hand, experts believe that Bitcoin will face more volatility in the coming months. Sadly, the entire crypto market cap has fallen by up to 43% in the past two months. But, there is hope for the market to reclaim the lost glory when specific metrics are met.
A bearish crypto market is not one that investors want to venture into, but you have to take the good with the bad in the crypto space. A bearish stance has its advantages as it gives investors more time to assess their investments and examine other projects that may be causing price increases again.
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Bitcoin opened on May 1st at $37,713 and continued higher with a monthly high of $39,789. However, before closing the month of May with a trading price of $31,792, it was tested on 12 May at a low of $26,350.
This gives BTC a 15% reduction between the opening and closing figures of BTC price in May.
Featured image from Nairametrics, chart from TradingView.com