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Active sales near $ 50,000 cannot be avoided



Bitcoin tramples around $ 50K, unable to break away from this important round level for a long time. However, the ability to cling to such a high price level is already great news for the entire crypto market. The retracement from levels near $ 60K stalled near the recently set all-time high. Bitcoin capitalization dropped below $ 1 trillion, but so far it is still close to the round value. The total cryptocurrency market capitalization exceeds $ 1.5 trillion. The Bitcoin Dominance Index has been stable at about 61% for almost a month. An obvious positive for Bitcoin and the entire crypto market as a whole can be considered the news that MicroStrategy has fulfilled and even exceeded all points of its plan. The company raised just over $ 1 billion in bitcoin purchases and actually bought almost 19.5K coins. The average rate of one Bitcoin was about $ 53K. In total, MicroStrategy holds over 90,000 BTC on its balance sheet. However, there is a downside. Analyst firm Glassnode concluded that bitcoin whales are moving their assets by starting to sell. In February, they sold $ 6.7 billion worth of bitcoins (140K BTC). It is difficult to underestimate such information, since it is clear that companies like MicroStrategy simply cannot compensate for the pressure of sellers at such a rate. In addition, wallets have started moving, which have been in standby mode for about 10 years, which can also be a very alarming sign for the market. Although Bitcoin has experienced a rather impressive correction, the coin shows a 3% decline in a week. The same cannot be said for Ethereum (ETH), which fell almost 15% over the week. In fact, ETH became the only altcoin that previously exceeded its all-time high, late 2017 – early 2018. In 2017, the anonymous coin ZCash was as popular among miners as Ethereum, however, within the current bull cycle, the price of ZEC rose only to $ 130 Binance Coin (BNB) is one of the highlights of the 2021 bull rally, which is up nearly 400% since early February. Such skyrocketing prices underscore the critical role of exchanges in the development of the crypto market. Even more important is the fact that BNB started to enter the Ethereum field, offering fast and cheap transactions, where ETH is now clearly in trouble. In addition, the exchange’s huge user base and poaching of the DeFi sector plays a role. As a result, BNB is in third place, and it is very likely that the TOP-20 coins may change dramatically in the next six months ._________________ Alexander Kuptsikevich, Lead Analyst, FxPro

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