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December 5, 2022
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Guide & Analysis

Bitcoin whales have started to dump some of their cryptocurrencies

Bitcoin’s price has dropped again to a low of just over $37,000, as network data suggests Bitcoin whales have begun to dump some of their cryptocurrencies.

Bitcoin continues to gradually lose value with another price drop to around $37,000. Most altcoins are also suffering, with ETH dropping below $2,400 and BNB close to dropping below $350.

Bitcoin fights continue

Just a few days ago, the situation with the primary cryptocurrency looked significantly more promising. The asset was well over $40,000 for the first time in nearly a month and peaked as high as $41,000 north.

However, it failed to maintain such a high price line and began to lose traction rather quickly. It dropped to below $40,000 initially, but the bears kept up the pressure, resulting in another drop to around $38,000, as reported yesterday.

Although the cryptocurrency recovered early and recovered $39,000, it reversed its trajectory once again. This time, the drop was even worse as the BTC dropped to just over $37,000.

Despite recovering a few hundred dollars since then, bitcoin’s market capitalization struggles to stay above $700 billion, but its dominance remains around 45%.

CryptoQuant data suggests that Bitcoin whales have begun to dispose of some of their cryptocurrencies. This left the market “very uncertain”, and the company’s CEO warned traders to be very vigilant in similar situations.

ETH drops to below $2.4K, BNB to $350

Altcoins mimicked the relatively adverse moves of their leaders recently. Ethereum rose to over $2,600 on Tuesday, but has lost about $300 since then. Consequently, ETH is well below $2,400 at the time of writing this article.

Binance Coin was also doing well a few days ago, reaching $380. However, the BNB is down to just over $350 now.

On a 24-hour scale, red dominates the rest of the altcoin market. ADA (-3%), DOGE (-3%), XRP (-1.5%), DOT (-6.5%), UNI (-5%), BCH (-3.6%), LTC ( -3.5%), SOL (-4%) and LINK (-6.2%) have also lost pieces of value since yesterday.

Overview of the cryptocurrency market. Source: Quantify Crypto
More fluctuations are evident in the mid-cap and low-cap alternative currencies. On the one hand, XDC, FTM, TFUEL and CELO made a double-digit leap. On the other hand, however, AMP plummeted 30% after its recent wave, followed by Quant (-15%), THORChain (-12%), Kusama (-11%), OMG Network (-10%) and Enjin Moeda (- 10%).

The cumulative market capitalization of all cryptoactives has dropped $60 billion since yesterday and is well below $1.6 trillion.

Source: CryptoPotato

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