Despite investors’ concerns over the recent FTX mess, Bitcoin (BTC) has continued to rise, fueled by an optimistic mood this morning. When it crossed a triple top resistance level, BTC extended its previous winning streak and climbed as high as $16,980 during the day, barely shy of the $17,000 threshold.
According to the data from Coinmarketcap, Bitcoin, the most popular cryptocurrency in the world, last reached this level on November 16—nearly two weeks prior. However, it is currently trading at $16,840.11.
The token is displaying a gain of almost 3% in the last 24 hours, as well as a 2.28% rise in the previous seven days. In the past 24 hours, the token’s market cap has grown by 2.53% while its trading volume has fallen by 3.26%.
Its sudden surge might be linked to the prevailing bullish attitude in the cryptocurrency market, which frequently supports Bitcoin and other cryptocurrencies. Per Coinmarketcap, the global crypto market cap has risen by 2.02% on a daily basis.
Whereas Ethereum, the second-largest cryptocurrency, has seen significant growth of about 5% and 9.08%, respectively, in the daily and weekly charts. Additionally, its market cap is also up by 4.79% in the previous 24 hours. ETH is currently trading at $1,270.89.
The Four-Largest Sell-Off Of Bitcoin (BTC)
Glassnode addressed the effects of the FTX fiasco on Bitcoin investors in the most recent edition of its weekly newsletter, “The Week On-Chain,” released on November 28th. According to the data, the fourth-largest sell-off of BTC ever occurred in November 2022.
As per the release, the most significant sell-offs for BTC were the 50% sell-off in 2018, the COVID crash in 2020, the LUNA collapse in May 2022, and the price’s initial decline below $20k in June 2022.
However, according to Glassnode’s statement:
November has seen the fourth largest capitulation event on record, recording a 7-day realized loss of -$10.16B. This is 4.0x larger than the peak in Dec 2018, and 2.2x larger than March 2020.
Nevertheless, the entities holding less than 1 BTC (Shrimp) across all cohorts have seen two separate ATH waves of balanced growth over the past five months.
Since the demise of FTX, shrimps have added more than 96.2k BTC to their holdings. They currently have approximately 1.21M BTC, which is a significant 6.3% of the total supply in circulation.
Additionally, for comparison purposes across cycles, there is a 7-day Cumulative Net Realized Profit/Loss. Surprisingly, the market had a net loss of -521k BTC during the last week, which is again very near to the greatest loss ever recorded in history.
Comparing the current Cumulative Net Realized Loss to the COVID and LUNA Crash, with 44% and 39% price decline respectively, the market has shown a larger degree of strength during the recent capitulation with only 26% correction.
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