As the majority of assets in the cryptocurrency sector nears the end of another week in the red, the market’s total capitalization has declined over $400 billion in just seven days, led by the industry’s representative, Bitcoin (BTC), which is trading in the $61,000 area.
Specifically, the crypto market has dropped from $2.65 trillion on April 11 to the current $2.24 trillion, which equals a loss of a whopping $410 billion or 15.47% in a single week, according to the most recent chart data retrieved by Finbold from the crypto analytics platform CoinMarketCap on April 18.
Total crypto market cap 7-day chart. Source: CoinMarketCap
Bitcoin price 7-day chart. Source: Finbold
That said, signs of hope remain, especially if the bulls prevail and the maiden crypto asset manages to defend its position at $61,000, after which it could recover toward reclaiming $66,500, as opposed to losing this position and dropping further to $56,200, Finbold reported earlier.
It is worth noting that one of the most important factors contributing to its possible recovery is Bitcoin’s approaching halving date on April 19, an event that has historically had a positive effect on the price of the largest asset in the crypto sector and, consequently, the rest of the market.
All things considered, charts may look bleak now, but Bitcoin halving, one of the most important events in the crypto industry, could bring the necessary relief, so the current dip could represent an ideal opportunity to strengthen one’s positions before the rally happens. However, doing one’s own research is critical here.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
