BTC is around $16,979.74 by the time of writing, with a low of $15,599.05, and it has a market cap of 326 billion dollars and ranks #1.
BTC Market Analysis
BTC has a total supply of 19,225,250 coins worth around $16,979.74 with a market volume of 22 billion dollars, whereas the market capitalization is 326 billion dollars at writing. It reached a high of $51,956.331, and its current ranking is #1, according to CoinMarketCap.
Over the last 12 months, Bitcoin has maintained a market dominance of just above 40%. This percentage hasn’t changed much since the implosion of FTX exchange. Currently, investors are investing in Bitcoin, given its long-standing reputation as the safest investment in a marketplace of volatile investments.
Many market participants believe this crash feels different from other financial downturns because companies like FTX have been highly regarded. They predict it could take a long time for things to get back to normal and that until then, institutional investors will stay away – potentially resulting in slow economic growth as well.
According to the Global In and Out of the Money chart, we can see that there are 22.15 million Addresses which is 46.48% of Addresses that are In the Money. 23.37 million Addresses which amounts to 49.05% of Addresses that are Out of the Money. The remaining 2.13 million Addresses, or 4.47% of addresses are at the money.
BTC Price Prediction
On the 1D timeframe, the price action of $BTC/USDT BTC breakout the bullish rectangle and retest above it. A solid bullish move is expected here as BTC has done a breakout after a strong consolidation. We will open new positions, waiting for Alts market cap confirmation. The current possibilities are:
BULLISH = 55%
BEARISH = 45%
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Closing Thoughts
Discipline and Patience are the most critical components of a successful trade. According to the above analysis, the coins we discussed might prove to be profitable if other market conditions prevail favorably. Again, it’s your hard-earned money that you’ll be using. Do Adequate Research before investing.
