Is The Current Volatility A Sign Of BTC Whales ‘Dying Out’?
The total crypto market capitalization has lost a massive $38 Billion since last week Wednesday, the 5th of September. Back then, the crypto community was gearing up for a resurgence of Bitcoin to levels of above $7,500 as the total crypto market capitalization stood at $239 Billion. The same market is now worth $201 Billion signifying a drop of 19% in a week. BTC is currently valued at $6,412 and down 10.15% in the last 24 hours.
“Whales are the big players, where the ocean is a metaphor for the cryptocurrency ecosystem. While they currently have the potential to impact investments, over the long term and as the crypto market matures, I believe their ability to impact the market will dwindle.”
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