Eight Global CEOs Tweet Crypto Market Cap Acting Below 200-Week MA
- Eight Global Founder tweets market cap below 200 week MA.
- He added that the total crypto market capitalization is holding above the 2017 ATH.
- BTC trading volumes at 2-year low at $116,564.65.
Crypto trading, investing and learning platform Michael Van De Poppe, Founder and CEO of Eight Global, tweeted on November 23, 2022 that the total crypto market capitalization was acting below the MA of 200 weeks.
Total market cap for #crypto acting below the 200 week MA, but still holding above the previous ATH in 2017. pic.twitter.com/SK4mYOSKJW
— Michael van de Poppe (@CryptoMichNL) November 23, 2022
MA, also known as a moving average, indicates steady price action over a period of time. MA serves as the guiding parameter in the long-term crypto investment and trading strategy.
Poppe also shared that although the current crypto market cap is below the 200-week MA, it still holds above the previous all-time high (ATH) in 2017.
According to the screenshot attached to the tweet in which the crypto market cap trend can be observed, the ATH in 2017 was around $250 billion.
During this time also suffered a massive drop in terms of on-chain activity. According to data from on-chain transaction monitoring platform Glassnode Alerts, average BTC transaction volume for 7-day MA hit a 23-month low of $116,564.65 on Nov. Bitcoin transactions (adjusted for changes) amounted to $365,132,928.29.
Additionally, the latest two-year low for average BTC trading volume was reported at $1,235,029,122 on December 10, 2020.
Although the crypto market is already facing a severe crisis since the second half of 2022, the collapse and bankruptcy of the top-notch crypto exchange FTX are identified as the main reasons for the harvest of the overall value of the crypto industry.
Moreover, the seven-day average of the number of Ethereum addresses in a loss hit a new high of 46,305,768. Similarly, 51.87% of BTC addresses are also suffering a loss since March 2020.
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