- Eight Global Founder tweets crypto market cap below 200-week MA.
- He added that the total market capitalization for crypto is holding above 2017’s ATH.
- BTC transaction volumes lowest in 2 years at $116,564.65.
Crypto trading, investing, and learning platform, Eight Global’s founder and CEO, Michael Van De Poppe tweeted on November 23, 2022, that the total market capitalization for crypto is acting beneath the 200-week MA.
Total market capitalization for #crypto acting beneath the 200-Week MA, but still holding above the previous ATH in 2017. pic.twitter.com/SK4mYOSKJW— Michaël van de Poppe (@CryptoMichNL) November 23, 2022
MA, also known as the Moving Average, indicates smooth price action over a certain amount of time. MA serves as a guiding parameter in the long-term crypto investment and trading strategy.
Poppe also shared that while the current crypto market cap is below the 200-week MA, it is still holding above the previous All-Time-High (ATH) in 2017.
According to the screenshot attached alongside the tweet in which the crypto market capitalization trend can be observed, the ATH in 2017 was around $250 billion.
Meanwhile, Bitcoin has also suffered a massive drop in terms of on-chain activity. As per data from the on-chain transactions monitoring platform, Glassnode Alerts, BTC Mean Transaction Volume for 7-day MA reached a 23-month low of $116,564.65 on November 23, While Bitcoin Transaction Volume (change-adjusted) stood at $365,132,928.29.
Moreover, the last two-year low for BTC mean transaction volume was reported at $1,235,029,122 on December 10, 2020.
Although the crypto market was already facing a severe shakeout since the second half of 2022, blue-chip crypto exchange FTX’s collapse and bankruptcy are identified as major reasons behind the crop in the crypto industry’s overall value.
In addition, the seven-day average of the number of Ethereum ETH/USD addresses in a loss hit a new high of 46,305,768. Similarly, 51.87% of BTC addresses are also suffering in a loss since March 2020.
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