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The market value of Bitcoin dropped and was at roughly $605 billion at the end of May. BTC is currently trading below the $50,000 mark because of the bearish stance of the market.
Last month, Bitcoin was beaten to a bloody pulp with the crypto market crash, triggering the top crypto’s market value drop. And it’s not just the crypto that bore the brunt of the pounding. Other popular cryptocurrencies had the same fate.
But if you look at the good parts of a bad situation, BTC remains the king in terms of market cap in June 2022. The coin has concluded May with a market cap of $605.8 billion.
If you compare June stats with BTC’s May 1 opening day market value, you’ll see how it has declined by 17%. The May 1 trading value had a market cap of $732 billion and a trading volume commensurate to $27 billion.
Suggested Reading | Crypto Community Sees Nearly 80% Upside For Ethereum By End Of June
Bitcoin Remains Bullish
Bitcoin had shed more than 50% of its value, which was seen at its all-time high in November 2021 before the crypto market spiraled downwards. Its fall was then followed by the fall of Terra, which has further maimed the crypto industry.
The bullish or weakened sentiment has spread fear and uncertainty among investors. A lot of investors panicked and withdrew their money.
Both BTC and Ethereum, the two leading digital assets in the crypto market, have slumped by more than 40% since November of 2021. BTC price has been highly volatile over the past couple of months, and investors feel the agitation.
On the brighter side, with crypto set at $29,000, investor confidence has been restored with the consolation that crypto has somehow stabilized.
More Fluctuations In The Coming Months?
On the other hand, experts believe that Bitcoin will face more fluctuations in the coming months. Sadly, the entire crypto market cap has been down by as much as 43% over the past two months. But, there is hope for the market to reclaim lost glory when specific metrics are met.
A bearish crypto market is not one that investors would like to venture into, but you have to take the good with the bad in the crypto space. A bearish stance has its benefits because it gives investors more time to assess their investments and check other projects that can go up once the prices climb again.
Suggested Reading | Bitcoin Records 1st Weekly Green Candle In 3 Months – A Start Of A Bull Run?
Bitcoin’s opening on May 1 bolstered to $37,713 and went further up with a monthly high of $39,789. It, however, tested low on May 12 at $26,350 on May 12, before it closed the month of May with a trading price of $31,792.
This gives BTC a 15% reduction between the opening and closing stats for the BTC price in May.
Featured image from Nairametrics, chart from TradingView.com
