The market value of Bitcoin was down and about $ 605 billion at the end of May. BTC is currently trading below the $ 50,000 mark due to the bearish attitude of the market.
Last month, Bitcoin was beaten to a bloody pulp by the crypto market crash, causing the crypto market’s highest value decline. And it’s not just crypto that suffers. Other popular cryptocurrencies have a similar fate.
But if you look at the good part of the bad situation, BTC remains king in terms of market capitalization in June 2022. The coin ended May with a market cap of $ 605.8 billion.
If you compare the June statistics with the market value of the BTC opening day on May 1, you will see how it has declined 17%. The May 1 trading value had a market capitalization of $ 732 billion and a corresponding trading volume of $ 27 billion.
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Bitcoin Remains Bullish
Bitcoin has shed more than 50% of its value, which saw its highest peak in November 2021 before the crypto market went downhill. The collapse was then followed by the fall of Terra, which further damaged the crypto industry.
Bullish or weakened sentiment has spread fear and uncertainty among investors. Many investors panic and withdraw their money.
Both BTC and Ethereum, the two major digital assets in the crypto market, have fallen more than 40% since November 2021. The BTC price has been very volatile over the past few months, and investors are feeling agitated.
On the brighter side, with crypto set at $ 29,000, investor confidence has been restored with consolation that crypto is stable.
More fluctuations in the coming months?
On the other hand, experts believe that Bitcoin will face more fluctuations in the coming months. Unfortunately, the overall crypto market cap has dropped by 43% over the past two months. However, there is hope for the market to recapture the lost glory when certain metrics are discovered.
The bearish crypto market is not one that investors want to venture into, but you have to take the good with the bad in the crypto space. A bearish attitude has an advantage because it gives investors more time to decide on an investment and check other projects that could go up if the price rises again.
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Bitcoin’s May 1 opening rose to $ 37,713 and a monthly high of $ 39,789. However, it tested a low on May 12 at $ 26,350 on May 12, before closing in May with a trading price of $ 31,792.
This gives BTC a 15% reduction between the opening and closing statistics for the BTC price in May.
Featured image from Nairametrics, chart from TradingView.com
