As soon as the market capitalization of Bitcoin touched $1 trillion, it seemed as investors were already considering taking advantage of this rewarding situation.
Bitcoin experienced a massive hit of more than 12% in its price value last week from its all-time high, which caused it to fell from the 1 trillion dollar spot once again. After a few bullish initial months of 2021, Bitcoin price had skyrocketed in the process, hitting the $60,000 mark and setting a new high for the prevalent cryptocurrency. However, because of the recent correction, the value of Bitcoin has fallen to $52,500.
This is, nevertheless, a substantial price to maintain, but the current price means the market capitalization is now roughly around $980 billion. The main reason for concern is that within the previous seven days, Bitcoin market capitalization has fallen by a total of $140 billion, which has raised many eyebrows, as investors are starting to panic.
Failed prediction
Willy Woo, a crypto bull and Bitcoin expert, said that he believes the market capitalization of Bitcoin would never fall below $1 trillion. However, that is not the case, as, within just four days of the expert’s tweet, the market capitalization of Bitcoin managed to fell below $1 trillion. At the time of writing, the market capitalization of the leading digital currency, however, has slightly topped the $1 trillion figure once again and is trying to maintain it there.
Bitcoin value continues to correct as investors are cashing out
The famous cryptocurrency trader and analyst Josh Rager suggest the ongoing correction is linked with Bitcoin achieving the all-time high mark, as investors are considering making a profit on their investments.
The analyst carried on by adding the investors would not stop making a profit even though many of them had said otherwise. Directing his words towards the chief executive officer of the business intelligence firm MicroStrategy Michael Saylor, the analyst supplemented that the companies like MicroStrategy and many others would buy low and sell high, which can be considered as one of if not the oldest trick in the book of trading.