The global cryptocurrency market experienced a significant downturn after a prolonged period of consecutive gains throughout the past month.
Bitcoin (BTC) soared to a new all-time high of $69,170 on March 5, with its market cap surpassing $1.4 trillion. However, the leading cryptocurrency swiftly dropped below the $60,000 mark as the market entered a cooldown phase.
Julio Moreno, head of research at CryptoQuant, shared a chart showcasing Bitcoin’s heatmap since the beginning of the year. The data revealed that as BTC crossed the $60,000 threshold, it entered the overheated zone.
Following Bitcoin’s decline, the global cryptocurrency market cap also experienced a 1.4% drop over the past 24 hours, falling from $2.68 trillion to $2.58 trillion. Meanwhile, daily trading volume surged by 27%, reaching $317 billion within the same period, as reported by CoinGecko.
According to insights from Santiment, discussions on platforms like X and Reddit indicate that many users are considering holding onto their crypto assets amid the recent price dip. Some users believe that the dip presents an opportunity to buy Bitcoin, anticipating a potential price rally.
Santiment’s data further reveals that Bitcoin’s investor sentiment currently hovers between neutral and slightly bullish levels at the current price point.
Despite the broader market decline, Shiba Inu (SHIB) remains in the bullish zone, according to Santiment. Notably, SHIB witnessed a remarkable 230% rally over the past seven days, reaching levels unseen since late 2021.
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