Bitcoin continues to correct to $ 55,700 last day. At that price, BTC is down 19.4% to a high of $ 69,000. This is a normal BTC correction, not a deep correction. Even the crypto market is going under with BTC.
A few coins that still have growth are those of the Metaverse trend such as MANA, SAND, ENJ, …
Recently, TIME magazine, in partnership with Galaxy Digital, will keep Ethereum on its balance sheet and focus on Metaverse content. The deal comes with the introduction of the TIME100 Companies Catalog on the Metaverse. This is also one of the reasons why the coins have soared in this trend.
Galaxy Interactive has signed a content sponsorship deal with TIME Magazine. With this partnership, the magazine is launching its new edition of TIME100 Company, which presents leading global companies and entrepreneurs in the Metaversum space. Galaxy Company pays TIME Magazine in ETH for this metaverse content.
A full moon theory is mentioned about the coincidence of BTC correction and growth.
According to this graph, the price of BTC corrects itself every time the full moon hits, usually beforehand. And after the full moon, the price of BTC usually rises again. For Thuan, this is a coincidence. But this coincidence, too, is often repeated.
Also worth mentioning is another share from Willy Woo related to this sale. He gives a graph of the price of BTC, which is composed of blue (high buy) and red (sold) points of the purchasing power of long-term investors.
Willy Woo’s stock shows that the price has peaked and corrected lately, but long-term investors continue to buy. On-chain data on BTC deposits and withdrawals also shows that more BTC is being withdrawn from the exchange. ETH is similar.
Yesterday, the number of transactions that pushed stable copper to the ground also rose sharply. Stablecoins are often pushed onto the exchange as a sign of the purchase of crypto. That’s a good sign for the market.
Adjusted for price, the amount of profitable BTC has also decreased to 84.5%
The market didn’t panic, but many long-term investors continued to buy both BTC and ETH. It is worth noting that the volume of futures orders on the exchanges is still high, although it has decreased due to the recent liquidation.
The high volume of futures orders carries the risk of higher price volatility. Willy Woo also said the market is greedy. The evidence he mentioned is that if the price of BTC rises sharply, the number of future orders will also increase with the rate of the price. The whales also see greed, they will take advantage of this to drop the price, keep the weak out of the market, discourage investors. At this point, the new price can go up a lot, which is a big surprise and Fomo is in the market.