Market Price Analysis: Bitcoin Market Valuation Drops Below $1 Trillion


The “no boring days in crypto” trope appears to have gained more validation over the past 24 hours. Just a few hours after Bitcoin (BTC) recorded a new all-time high at $58,480 and seemed to be waxing stronger on its bullish momentum, the benchmark cryptocurrency got racked with one of the sharpest declines in its history.

BTC went into an aggressive bearish spiral, losing over $11,000 to print a fresh weekly low at $47,000. However, the cryptocurrency bulls have sent the price back to the $50k region and are working hard to sustain that psychological level.

That said, Bitcoin’s market capitalization has shed more than $100 billion over the past 24 hours, sending it below the $1 trillion valuation level. The entire cryptocurrency market cap has dropped by about $300 billion over the same period.

Altcoins were not left out in the bearish battering, as the entire cryptocurrency market bleeds. Ethereum (ETH) was down by 17%, falling to the $1,470 level at press time. For better understanding, the second-largest cryptocurrency saw a new ATH at $2,040 during the weekend.

Meanwhile, Binance Coin (BNB), which also printed a new all-time high just a few days ago, has dropped by about -22%. Ripple (XRP) is down by -22%, while Litecoin (LTC) is down by -15%. Polkadot (DOT), Chainlink (LINK), and Cardano (ADA) are down by -18%, -24%, and -16%, respectively.

BTCUSD – 4-Hour Chart

Key BTC Levels to Watch — February 23

Following its recent drop to the $47k low, Bitcoin staged a goodish bounce to the $55k mark. However, the primary cryptocurrency could not break back above our ascending trendline and met more supply, which sent it below the $50k mark once again.

That said, bulls have to defend the $50k support area or risk BTC falling to lower lows ($45,000) in the coming hours. Nonetheless, a good defense of the $50k mark could send BTC into a mild consolidation between the $52,500 resistance and the $50,000 support.

Meanwhile, our key resistance levels are at $52,500, $54,000, and $55,000. While our key support levels are at $48,500, $47,000, and $45,000.

Total Market Capitalization: $1.45 trillion

Bitcoin Market Capitalization: $909 billion

Bitcoin Dominance: 62%


You can purchase crypto coins here: Buy Coins

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.