Bitcoin's price drop below $60,000 led to a 1.4% decline in the global crypto market cap. Despite this, daily trading volume increased by 27%.
The global crypto market recently experienced a significant downturn after a prolonged period of gains over the past month.
Bitcoin (BTC) reached an all-time high of $69,170 on March 5, with a market cap exceeding $1.4 trillion. However, the leading cryptocurrency dropped below the $60,000 mark as the market cooled off.
Julio Moreno, the head of research at CryptoQuant, presented a chart indicating Bitcoin's heatmap since the beginning of the year. As BTC crossed $60,000, the data showed the cryptocurrency in the overheated zone.
Following the decline in Bitcoin's price, the global crypto market cap also fell by 1.4% over the past 24 hours, dropping from $2.68 trillion to $2.58 trillion.
However, the daily trading volume of cryptocurrencies increased by 27%, reaching $317 billion in the past 24 hours, as reported by CoinGecko.
According to Santiment's data, many users on various platforms, including X and Reddit, are discussing holding onto their crypto assets during the recent price dip. Some users view the dip as an opportunity to "buy" Bitcoin, anticipating a further price rally.
Furthermore, Santiment's data indicates that Bitcoin's investor sentiment is currently between neutral and slightly bullish at the current price level.
Despite the overall market decline, Shiba Inu (SHIB) remains in the bullish zone, according to Santiment. SHIB saw a remarkable 230% surge over the past seven days, reaching levels not seen since late 2021.