BTC Dominance On A Decline

Bitcoin (BTC) has been subject to intense selling pressure. In the last 24 hours, Bitcoin price decreased by 2.47%. As per the recent update from the Onchain data provider, Glassnode, after the FTX collapse, the balance of bitcoin shrimps has risen to an all-time high. The Bitcoin shrimps’ total holdings have grown by 96.2k $BTC over the past fifteen days. This group currently owns an astounding 1.21 million Bitcoins, which is 6.3% of the total circulating supply.

Bitcoin Price in USD:

Bitcoin’s current price in BTC/USD is $16,188.72, and its 24-hour trading volume is $25,080,321,304. The current market cap is $311,126,439,062 USD. It has a maximum supply of 21,000,000 BTC coins and a circulating supply of 19,218,712 BTC coins. Notably, the top cryptocurrency is unable to cross the $16,800 barrier. Below the $16,000 support area, BTC could experience further losses due to its downward movement given in the 24-hour graph of Coinmarketcap.

Bitcoin Price in INR:

As per the coinmarket data, BTC/INR exchange rate is 1,324,072 today, down 2.1% from 1,352,434 yesterday.
Bitcoin’s (BTC) monthly trajectory is down, as it has dropped -21.9% from $1,694,406 in the past 30 days.. The next few days will determine whether the market begins a mid-term recovery or whether the gruelling downtrend continues. The total 24-hour trading volume for Bitcoin is $1,584,083,748,596. There are 507 markets where bitcoin can be traded, with Bitforex seeing the most activity.

Will Bitcoin Price hit $5000

In a recent news piece, Coingape mentioned, as the FTX crisis begins to unravel, a large number of Bitcoin investors have chosen self-custody as trust in centralised players reaches a new low. As a result, the supply of Bitcoin on exchanges has fallen to levels which have not seen in the last four years. Currently the Bitcoin is holding at $16,000, the contagion caused by the FTX collapse will spread further in the coming months. The FTX domino effect could push the BTC price to $5,000.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.