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Bitcoin Wicks to $17,100 Amid 14% Pre-Thanksgiving Crash

Bitcoin Wicks to $17,100 Amid 14% Pre-Thanksgiving Crash

Bitcoin wicked as low as $17,100 minutes ago as buying pressure finally abated after weeks upon weeks of upward price action. The <a class="wpg-linkify wpg-tooltip" title="

Coin

A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.

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” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin corrected from the $19,600 region yesterday to these lows for a drop of approximately 14%.

Analysts are currently divided over what comes next for the leading cryptocurrency.

Bitcoin was starting to roll over after it topped at $19,600 yesterday. Simultaneously, analysts noted that the cryptocurrency had begun to print bearish technical signals near the highs that suggested it was overbought.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

Bitcoin Extremely Overbought

Mohit Sorout, a founding partner at Bitazu Capital, shared the chart seen below on the day that Bitcoin moved past $19,000.

The chart shows BTC’s price action relative to a Pi Cycle Top Indicator on the site Look Into Bitcoin. The indicator is a formula that has accurately predicted medium-term BTC highs in the past, including the mid-2019 high, along with a series of intra-trend highs in 2016 and 2017.

Should history repeat, there’s a good chance that Bitcoin will correct back toward the lower bound of the indicator, then will return higher to break above the upper bound of the indicator.

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Alex Fiskum, an associate at Alice Capital, shared a similarly bearish chart. The chart shows that Bitcoin’s current market sentiment and positioning looks extremely similar to the 2019 highs and the all-time highs that were seen in 2017.

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Chart of BTC's price action over the past three years with analysis by Alice Capital's Alex Fiskum
Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Bitcoin Wicks to $17,100 Amid Pre-Thanksgiving Sell-Off

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Bitcoin’s Market Cap Hits All-Time High

Bitcoin’s Market Cap Hits All-Time High

According to publicly-available market data, bitcoin’s market capitalization has hit a new all-time high, eclipsing its highest mark ever of $328.89879 billion, set on December 16, 2017, per Coin Metrics.

Market capitalization is determined by an asset’s individual price, multiplied by its total supply. At the time of this writing, according to cryptocurrency exchange Bitstamp, the bitcoin price reached $17,756 and, according to Bitcoin data aggregator Clark Moody, the supply has reached 18,546,019.15 BTC. With that total listed supply at that listed price, bitcoin has a market capitalization of $329.303116 billion.

Though the price of a single bitcoin measured in USD tends to garner the most mainstream media attention, the network’s market capitalization may be an even more critical measure of its value. It indicates the relative value of Bitcoin as a system, as opposed to the value of a single bitcoin.

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Bitcoin Price Analysis

Market capitalization is also a helpful measure for comparing Bitcoin to other financial assets, companies or value systems. As our infographic from August 2019 shows, even though Bitcoin’s market cap has grown considerably and represents by far the highest of any cryptocurrency, it still pales in comparison to many industries and legacy financial assets. When comparing market caps in this way, it’s clear that we have barely scratched the surface of Bitcoin’s financial potential

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