After temporary upsurge, Bitcoin bleeds again at $49K levels

After temporary upsurge, Bitcoin bleeds again at $49K levels

The cryptocurrency market on Tuesday saw Bitcoin once again falling to $49,000 levels, barely a few hours after recording over $52,000 price levels. At press time, the currency was trading at $49,220.0, with a 24-hour price change of -4.13%.

The downfall resulted in many holders dumping their investments, leading to more than $80 billion worth of outflows from the market. The total market capitalization of combined cryptocurrencies currently stands at $2.32 trillion.

However, according to a report by data analytics firm Glassnode, Bitcoin investors are not ready to discard their investments as of yet. The report suggested that long-term holders have only dumped their investments from 13.4 million BTC to 13.3 million BTC since last month. The newsletter read:

“Such on-chain behavior is more typically observed during bitcoin bear markets, which in hindsight are effectively lengthy periods of coin redistribution from weaker hands, to those with stronger, and longer-term conviction.”

However, the same cannot be said for Ethereum. According to Glassnode, the number of Ethereum whales, who are holding at least 1,000 ETH, have dropped below 6,292 on Monday. These figures are the lowest recorded since April 2017.

At current prices, Ethereum has dropped below $3,905.08, nearly 5% down from the previous day and 20% down from its ATH of $4,891.70.

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