The crypto market chart continues to give traders and investors hope that their harvest season is close by. However, a recent event that happened in the market may mean otherwise as analysts weigh in their thought on the possible outcome.
Following the historic cross made above $20,000 by Bitcoin, the world’s leading cryptocurrency managed to reach another all-time high of around $24,000. Howbeit being crystal clear that the industry is highly volatile and unpredictable, the latest drop made by Bitcoin seems to have shocked analysts.
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Recently, Bitcoin suddenly plunged by $1,500 within a few hours, moving from $24,295 to $21,815. The largest cryptocurrency afterward managed to rise and stabilize above $22,000 and $23,000, nevertheless, the drop marked a historical event in the history of Bitcoin as BTC market cap slide from $439 billion to $422 billion.
Not the first time Bitcoin would be experiencing such a huge drop within hours, but pseudonymous crypto analyst Big Chonis Trading clarified that it is the lowest daily close Bitcoin had ever witnessed above $20,000.
Analyst Big Chonis Trading described the situation as the “most bearish closing daily candle.” Nevertheless, the analyst said no need for panicking as the cryptocurrency remains above the $20,000 psychological support level. He further explained that the drop really doesn’t matter at present.
$BTC – this is the most bearish closing daily candle over $20K ever, of the two red days so far 😂 but since #bitcoin is still way over $20K it doesn’t really matter in the bigger picture yet pic.twitter.com/d5fyTdVf1v
— Big Chonis Trading🍄 (@BigChonis) December 22, 2020
At press time, Bitcoin looks to have strangled the bearish forces in the market, and BTC is now heading close to $24,000. A unit of Bitcoin is now priced at $23,600.
$15 million worth of Ethereum purchased Institutional Investor
While huge funds from institutional flows into the Bitcoin market, Ethereum is also not lacking behind.
A recent announcement confirmed that the world’s second-largest cryptocurrency by market cap, Ethereum (ETH), has just witnessed an inflow of $15 million.
It was related that a US-based investment capital company Cobie Capital, added $15 million worth of Ether to its Ethereum portfolio.
At the rate of $611 per ETH, Cabie Capital was able to purchase 25,000 Ether, and the company now has an aggregate of 69,420 ETH recently purchased.
Cobie Capital has purchased an additional 25,000 ether for $15 million at an average price of $611 per #ethereum and now #hodl an aggregate of 69,420 ether purchased for $25 million at an average price of $365 per ether.
— KING CO฿IE 🌙 (@CryptoCobain) December 22, 2020
At press time, Etheruem remains the second-largest cryptocurrency by market cap. A unit of ETH is priced at $611 and the cryptocurrency continues to maintain solid support above the $570 price level. Ethereum has a market cap of over $70 billion.
Coupled with being the second-largest cryptocurrency, the fact that Ethereum hosts many DeFi platforms makes people have interests in the cryptocurrency.