Analysts believe that the total market value of digital currency fell from 355.2 billion US dollars to 313.8 billion US dollars, a decline of 11.6%. After the elimination of BTC, the total market value dropped from 124.3 billion US dollars to 108.6 billion US dollars, a decrease of 12.6%.
Summarizing the culprit of this price drop, the short-term and short-term short-selling of small and medium-sized investors may be the most important factor for the price decline.
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According to the performance analysis of the number of BTC active addresses, the number of active addresses in the near future has dropped from over 1 million in the previous period to 790,000 yesterday. In the short-term, although the indicator is lower, the frequency of investor transactions is still high.
At the same time, from the change in volume, BTC's 24-hour volume reached 33.5 billion US dollars. In other words, the volume of BTC is still very high, indicating that investors are trading at a high frequency. It can be seen that the decline of BTC can be attributed to the fact that a small number of investors with large capital strength sold BTC, and small and medium investors turned more empty, which caused a stampede market.
The conclusion is that investors are currently lacking confidence in holding money, especially after the currency price has risen sharply, and there is a strong willingness to cash in. At the same time, in the process of high price shocks, investors in short-term trading have limited profits, and they are eager to flee after price fluctuations. In this way, short-term price fluctuations will not stop. At the same time, large-capital currencies other than BTC have seen large gains and continue to rise.
Insufficient motivation, further confirmed the weak performance after the fall.
BTC's support points can focus on $11515, $9542 and lower $7,101.