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[Symmetrick]

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[Lucius]

It's no secret that it's completely wrong to look at the market cap that way - it's a well-known fact that these are just inflated numbers that are achieved by creating a coin with a very large supply and then inflating its price. The shitcoin season has definitely peaked at one point, take the example of the Doge, which at one point went to a value of as much as $0.70 +, which resulted in their market cap increasing astronomically - all because of one man.

The whole crypto market simply peaked, and a correction had to happen sooner or later - and the one who caused it in part with his media appearances and buying news (EM) brought things back to square one. It should not be forgotten that the price of BTC at the time of the announcement of the purchase of $1.5 billion was approximately the same as it is now.

The total value of the market cap is actually irrelevant because it represents something very easy to manipulate - and does not represent the real value of any coin - because the BTC market cap definitely cannot be $600 + billion if we consider that millions of BTC are probably lost irretrievably - so they are not technically in circulation.

[zeuner]

The total value of the market cap is actually irrelevant because it represents something very easy to manipulate - and does not represent the real value of any coin - because the BTC market cap definitely cannot be $600 + billion if we consider that millions of BTC are probably lost irretrievably - so they are not technically in circulation.

It might be more insightful to come up with a measure that only includes balances that were moved within the last X months/years/whatever. However, whether people decide to move coins will also be related to the current price.

[bryant.coleman]

The $1.2 trillion looks huge on paper, but in reality it is not that serious. Almost everyone was expecting a major correction, after the almost continuous rise in crypto capitalization from $250 billion to $2.5 trillion in just 12 months. Even at current levels, the total market cap is 6 times what we had in mid-2020. I am actually disappointed with the lack of increase in Bitcoin dominance. I was expecting that at least now the dominance will cross 50% level. But after going up to 47%, it once again started declining.

[magneto]

Possibly was the largest buying opportunity too.

The fact of the matter is that you can look at these events both ways. You can either see it as a bloodbath, or a great opportunity for loading up on your positions with cheap coins. An almost 50% correction is really no joke in terms of the discount you get on your coins.

Just look back at what happened in March 2020. The crypto market completely collapsed under the weight of COVID fears and I distinctly remember BTC perpetuals on Deribit and Bitmex going down to less than $3k.

Looking back, it was scary, but wasn't that the best opportunity to get yourself in the market too? Buy when there's blood on the streets, and when others are fearful.

[el kaka22]

This is not a shock, it was at the highest point ever and it had a correction or a crash, that is obviously what we are going to get. I mean when you are at the peak of your historical levels, never been 64k+ before and it crashed, so obviously it would have the largest correction in history as well that is understandable. You do not get up only 10% and then have the largest correction that would be idiotic and won't happen, you go up so much so that you reach your highest point in existence and then have the largest correction as well that is how it should be done.

This is why I understand this situation, I accept the fact that we are doing not so great right now but what allowed us to have the largest drop was the fact that we had the largest increase. You have to take the good with the bad and if you can't that means you are not realizing what happened when you look at what is going on.

[crwth]

Most of the whales have probably taken out profits with regards to their investments. They are waiting for the market to react towards their moves by dipping even further (more selling of their assets by individual investors) and, for the whales, a better entry point again with the crypto. Rinse and repeat.

Probably there are different type of investments that they could have done

• Trading
• Staking
• Lending

For trading, I think it's mostly for short-term profits that probably have a percent on the sell-offs.
Mostly staking and lending could probably one of the big things that have probably been "unlocked" in the market as well? Maybe that contributed to the sell-off as well.

[janggernaut]

If you are survived from crash on 2017-2018 when bitcoin crashed from $19,000 to $3,300, recent correction which around 54% won't make you surprised. There could be another bigger crash on market later and we just need to ready about that (My prediction when Bitcoin almost hit $100,000, there will be bigger crash than now)

[Lucius]

It might be more insightful to come up with a measure that only includes balances that were moved within the last X months/years/whatever. However, whether people decide to move coins will also be related to the current price.

Well, based on that, analyzes were conducted and conclusions were made that a coin was lost if, for example, it did not move for 4 years - and then there are transactions with coins that have not moved since 2009 or 2010 - which makes the whole methodology very unreliable. Therefore, perhaps the only logical option is to leave things as they are, but not to take this data as something that shows the situation in a completely accurate way, but as rough data that everyone can then interpret in their own way.

[Fundamentals Of]

As the market grows so are the corrections. But this should not be taken very seriously as if it is the worst in the entire life of Bitcoin.

We don't have to discuss about corrections among shitcoins. They don't matter to us. Many of these price downfalls among shitcoins are not just corrections. They're deaths.

The only coin worth discussing about corrections is Bitcoin and the Bitcoin correction in the past days are not really the worst. Bitcoin has survived much much worse corrections, even one that reached as high as 73% in just a single day in 2013. If you take the year into consideration, at that point in time, Bitcoin was still very young. It could have easily died. But it didn't happen. So we need not worry.

[dothebeats]

Sooner or later, the astronomical increase in price would have to revert back in order to bring back the "normal levels" of the prices. It's not really hard to know that there is an end to all these sudden increases, especially that of altcoins (Doge, ehem) since the foundation of its increase lies not on important aspects of the coin itself but rather the indirect manipulation of one man on social media. Even though that's the case, I do believe that over time, the market will mature, and such influences from a select few would no longer matter.

[Hippocrypto]

Many analysts warned and projected several predictions last month and I think those were very intact and precise since this was currently becoming a reality few days ago.
It became so phenomenal and yet most traders wasn't able to control emotionally and put them into panic. Basically that's what I'm feeling right now, because I'm also suffering on my altcoins which also heavily affected due to huge drop of btc.

[SquallLeonhart]

The fact of the matter is that you can look at these events both ways. You can either see it as a bloodbath, or a great opportunity for loading up on your positions with cheap coins. An almost 50% correction is really no joke in terms of the discount you get on your coins.

The weird thing about these situations is that you end up seeing people who sell when it is going up and those are mostly the same people who buy when it is going up as well and I feel like it is shocking how weird they move.

Normally when I first started in the investment world I realized that the best way to make a profit is to actually keep buying low and then selling high and that's it there is really nothing that should be so confusing about this. These people end up buying when it is going up, not buy when it is 5k or 10k or even 20k but end up buying at 30 or 40k and do make a profit at 60k but declined to sell like they should so they end up losing money when it goes down and end up selling under 50k once again. That is not how it should work.

[newdevices]

A few days ago it has become a new history of correction for cryptocurrencies,
the correction that occurred can be said to be large because most coins fell -50% to -80% in just a few days,
yes this is new history, but if history repeats itself, then this correction is a bear trap and Bitcoin could head to $ 100k this year, hopefully

[hatshepsut93]

It's no secret that it's completely wrong to look at the market cap that way - it's a well-known fact that these are just inflated numbers that are achieved by creating a coin with a very large supply and then inflating its price. The shitcoin season has definitely peaked at one point, take the example of the Doge, which at one point went to a value of as much as $0.70 +, which resulted in their market cap increasing astronomically - all because of one man.

Yes, it's not like $1.5 billion was literally moved out of the market, but it's still true that it's the biggest correction in terms of value. This was the first time Bitcoin has swinged by $10,000 in one day. We've seen bigger corrections in terms of relative value, but absolute value is also important. It shows that even with increased volume and 5-figure prices, Bitcoin still remains highly volatile.

[Kong Hey Pakboy]

Many analysts warned and projected several predictions last month and I think those were very intact and precise since this was currently becoming a reality few days ago.
It became so phenomenal and yet most traders wasn't able to control emotionally and put them into panic. Basically that's what I'm feeling right now, because I'm also suffering on my altcoins which also heavily affected due to huge drop of btc.

The weak handed traders panicked because they thought that bitcoin is going to do the same thing that it did back in 2018 so they want to cut losses and wait for it to go down a little bit more to join again but that wasn't the case and the prices started to recover. Don't worry about the recent reds in the market, this is just a short term problem, look at the future and see how much more you can get if you hodl for the long-term.

[Fatunad]

Many analysts warned and projected several predictions last month and I think those were very intact and precise since this was currently becoming a reality few days ago.
It became so phenomenal and yet most traders wasn't able to control emotionally and put them into panic. Basically that's what I'm feeling right now, because I'm also suffering on my altcoins which also heavily affected due to huge drop of btc.

The weak handed traders panicked because they thought that bitcoin is going to do the same thing that it did back in 2018 so they want to cut losses and wait for it to go down a little bit more to join again but that wasn't the case and the prices started to recover. Don't worry about the recent reds in the market, this is just a short term problem, look at the future and see how much more you can get if you hodl for the long-term.

Trader or not as long you do have the experience on that year 2018 event then i cant really blamed them off about panicking since we do already have witnessed the worst
and we did presume that it might happen again which luckily the market do witheld strong with those dumping moment and at least we are still playing around 30k
which it isnt bad since we do only hope back in the past on breaking its ATH which is 20k and now we are still way above higher.For those who do bought on the peak
then i do know on what they do feel but as long you dont sell out your coins then you do loss nothing.