Bitcoin (BTC) woke up to yet another uneasy morning with prices dropping to $43.47, wrestling to break the resistance level of $47,000. The overall crypto market traded in red over the last 24 hours.
According to CoinMarketCap, the global crypto market cap plummeted by 4.51 per cent to stand at $2 trillion. However, the total crypto market volume over the last 24 hours is $117.72 billion, which makes a 3.17 per cent increase. The total volume in DeFi is currently $15.27 billion, 12.97% of the total crypto market 24-hour volume.
Institutional Investors Believe BTC May Remain Bullish In Long Term
At the time of writing, BTC, is floating at $43,493 with a 24-hour trading volume of $36,739,290,499 . The flagship cryptocurrency is down by 4.40 per cent in the last 24 hours. However, analysts suggest that the market is still healthy.
Bitcoin (BTC) had touched the $47,000 mark on Monday, but fell after initial hours as analysts predicted price correction after the world’s largest crypto coin gained over the last few days. Recently, Bitcoin touched a three-month high after it spiraled down over the past due to volatile markets amid the Russia-Ukraine war, and Fed policies and general market mood. In late March, however, BTC along with the crypto market as a whole made a U-turn to show gains.
Despite the weakness, institutional investors do not seem to be halting their purchases, suggesting that they remain bullish in the long term. Terra used the dip to buy an additional 5,040 BTC, which takes its total holdings to 35,768 Bitcoin. On April 5, Micheal Saylor, Co-founder of MicroStrategy, tweeted that the company has acquired additional 4167 Bitcoins through its subsidiary, MacroStrategy.
How Is The Altcoins Market Faring?
The second largest cryptocurrency by market cap, Ethereum (ETH), has also taken a hit and fell by 4.45 per cent in the last 24 hours and seems to be levitating at around $3,220. The 24-hour trading volume is $22,716,918,178. The total market cap of ETH has reached around $387 billion.
Major altcoins also seem to be descending landing in the red zone. In the past 24 hours, Terra (LUNA) has fallen down by 6.79 per cent to stand at $109 at print time. In the same time period, Solana (SOL) tanked by 8 per cent and is currently at $116. The price of XRP is hovering at $0.776 shrinking by 4.88 per cent. Avalanche (AVAX) is down by 5.85 per cent. Memecoins- DOGE and SHIB sunk by 9.76 per cent and 5.08 per cent respectively.
