Cryptocurrency

Bitcoin

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 <p class="paragraph">Despite the previous week’s rally, Bitcoin (BTC) has experienced a notable decrease in its price, which has led to a drop of 5% in its value in the last 24 hours, leading to a decline of $30 <a rel="dofollow" title="billion" href="https://thebittimes.com/tag/billion.html">billion</a> in its <a rel="dofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> capitalization.</p> 
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 <p class="paragraph">Bitcoin prices experienced a sudden decline of over 5% within just a few minutes, reaching a low of $41,500. Following eight consecutive weeks of positive performance, the flagship digital asset is now pausing its upward trend.</p> 
 <p class="paragraph">Notably, this decline coincides with a low trading volume and liquidity period. Similar substantial decreases based on volume were observed multiple times throughout this year, as per a post from <em>Barchart </em>on X on December 11.</p> 
 <figure class="wp-block-image size-large">
  <img decoding="async" loading="lazy" width="1024" height="702" src="https://cdn.thebittimes.com/images/2023/12/11/d2cac97a1daebe44861498b4dd4e756c.webp" alt="Bitcoin 5% price decrease chart.  Source: Barchart
" class="wp-image-142505" srcset="https://cdn.thebittimes.com/images/2023/12/11/d2cac97a1daebe44861498b4dd4e756c.webp 1024w, https://cdn.thebittimes.com/images/2023/12/11/d2cac97a1daebe44861498b4dd4e756c.webp 300w, https://cdn.thebittimes.com/images/2023/12/11/d2cac97a1daebe44861498b4dd4e756c.webp 768w, https://cdn.thebittimes.com/images/2023/12/11/d2cac97a1daebe44861498b4dd4e756c.webp 1190w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Bitcoin 5% price decrease chart. Source: Barchart 
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 <p class="paragraph">Subsequently, this price drop led to a decrease in the market capitalization of over $30 billion, falling from $848 billion to $814 billion, further impacting this crypto’s trading volume and liquidity.</p> 
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  <img decoding="async" loading="lazy" width="970" height="407" src="https://cdn.thebittimes.com/images/2023/12/11/ce0d9ece5dda3b2c02d40c04c3efb6d4.webp" alt="Decrease in BTC’s market capitalization. Source: CoinMarketCap" class="wp-image-142506" srcset="https://cdn.thebittimes.com/images/2023/12/11/ce0d9ece5dda3b2c02d40c04c3efb6d4.webp 970w, https://cdn.thebittimes.com/images/2023/12/11/ce0d9ece5dda3b2c02d40c04c3efb6d4.webp 300w, https://cdn.thebittimes.com/images/2023/12/11/ce0d9ece5dda3b2c02d40c04c3efb6d4.webp 768w" sizes="(max-width: 970px) 100vw, 970px">
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   Decrease in BTC’s market capitalization. Source: CoinMarketCap
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 <h2 class="wp-block-heading" id="h-reason-for-optimism">Reason for optimism?</h2> 
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 <p class="paragraph">Whenever significant flushes occur at this <a rel="dofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> stage, V-reversals will be a lot more common than a typical “sideways basing period” that investors have gotten used to seeing.&nbsp;</p> 
 <p class="paragraph">Non-impulsive V-reversal off these lows into a higher low (to complete a running flat) and then an impulse that seemingly starts from mid-air to $60,000, as per a post from renowned crypto expert <em>CrediBULL </em>on December 11.</p> 
 <figure class="wp-block-image size-large">
  <img decoding="async" loading="lazy" width="1024" height="609" src="https://cdn.thebittimes.com/images/2023/12/11/84f1881ad1c37b54bde26ff412643516.webp" alt="Possible Bitcoin price trajectory chart. Source: CrediBULL
" class="wp-image-142508" srcset="https://cdn.thebittimes.com/images/2023/12/11/84f1881ad1c37b54bde26ff412643516.webp 1024w, https://cdn.thebittimes.com/images/2023/12/11/84f1881ad1c37b54bde26ff412643516.webp 300w, https://cdn.thebittimes.com/images/2023/12/11/84f1881ad1c37b54bde26ff412643516.webp 768w, https://cdn.thebittimes.com/images/2023/12/11/84f1881ad1c37b54bde26ff412643516.webp 1536w, https://cdn.thebittimes.com/images/2023/12/11/84f1881ad1c37b54bde26ff412643516.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Possible Bitcoin price trajectory chart. Source: CrediBULL 
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 <p class="paragraph">This means that a reversal may be imminent and might incur a slight sideways movement for a few days before the next impulsive move begins.&nbsp;</p> 
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2> 
 <p class="paragraph">At the time of press, BTC was trading at $42,238, marking a decrease of 3.67% in the past 24 hours, contrasting with a 1.08% gain in the previous week, as per data from December 11.</p> 
 <figure class="wp-block-image size-large">
  <img decoding="async" loading="lazy" width="1024" height="683" src="https://cdn.thebittimes.com/images/2023/12/11/e556aabfc6a3cd378255d3e9b1357264.webp" alt="BTC 24-hour price chart. Source: Finbold
" class="wp-image-142510" srcset="https://cdn.thebittimes.com/images/2023/12/11/e556aabfc6a3cd378255d3e9b1357264.webp 1024w, https://cdn.thebittimes.com/images/2023/12/11/e556aabfc6a3cd378255d3e9b1357264.webp 300w, https://cdn.thebittimes.com/images/2023/12/11/e556aabfc6a3cd378255d3e9b1357264.webp 768w, https://cdn.thebittimes.com/images/2023/12/11/e556aabfc6a3cd378255d3e9b1357264.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   BTC 24-hour price chart. Source: Finbold 
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 </figure> 
 <p class="paragraph">It is vital to notice that this decrease in Bitcoin’s <a rel="dofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> capitalization is part of a more extensive loss across the <a rel="dofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a>, significantly impacting Ethereum (ETH) and other altcoins.</p> 
 <p class="paragraph">However, despite Bitcoin’s losses, <a rel="dofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> capitalization remains in the green, increasing 13% from the past month.</p> 
 <p class="paragraph"><strong><em>Disclaimer</em></strong><em>: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p> 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/analyzing-bitcoin-s-30-billion-market-cap-erosion-tbt73312.html">https://thebittimes.com/analyzing-bitcoin-s-30-billion-market-cap-erosion-tbt73312.html</a></p>

Analyzing Bitcoin’s $30 billion market cap erosion

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