- Central exchange volumes for Bitcoin have increased in recent days as the asset continues to hit all-time highs. Bitcoin is currently trading at around $ 38,200. At current prices, the asset has increased 33% since the same period last week.
Central exchange volumes for Bitcoin have increased in recent days as the asset continues to hit all-time highs. Bitcoin is currently trading at around $ 38,200. At current prices, the asset has increased 33% since the same period last week.
Looking at centralized stock market movements can show when the inevitable correction will occur. Mati Greenspan of eToro observed that Bitcoin volumes on exchanges doubled from their all-time high.
Other metrics show an increased BTC inflow to central exchanges, which could herald an intense sell-off.
When will Bitcoin experience a correction?
Bitcoin has doubled in price since December 15, 2020, when it was trading above its all-time high. Ryan Selkis, founder of Messari, observed that Bitcoin’s doubling time, which measures the speed of parabolic movements, was faster only twice in 2013 and once in December 2017.
Sharp retractions usually come after this rapid doubling of the price. When the market correction arrives, a setback is inevitable in preparation for a buyback from lower levels.
Civic CEO Vinny Lingham says the rise will continue, saying individual traders are more cautious this time:
“Bitcoin is at $ 40k and there are no bubbles in sight. Traders who got hurt and left the area in 2018 are returning. They will be more cautious. We still have time before reaching the top. ”
On the other hand, Josh Rager continues to warn of a 30% or 50% correction that could reduce prices to $ 20,000 in a very short time. He is still very optimistic about long-term outlooks such as JP Morgan strategists’ predictions.
People in this market are used to 20% to 30% withdrawal
Total market value
Total market capitalization is close to its highest levels ever. The market cap remaining above $ 1 trillion indicates that business is still very healthy despite today’s altcoin drop.
Some of this week’s best performing coins, such as Cardano and Stellar, are experiencing a sharp decline today, but still far above last week’s levels.
Bitcoin and altcoins may be returning to centralized exchanges, but a major market-wide sale has not yet begun.