Bitcoin, the highest volume unit in cryptocurrency markets, fell below $50,000 under heavy selling pressure, returning to $49,000 after seeing $48,000. Bitcoin’s share of total market volume has fallen below 40 percent.
According to statistics shared by data sources CryptoQuant and Glassnode, the amount of Bitcoin transferred to exchanges reached its highest level in a year as of May 13th. Bitcoin, which has been affected by the negative news, has been on a downward trend and has faced intense pressure from sellers throughout the week, Cointelegraph reported. In particular, rumors that Tesla has given up support for Bitcoin payments and subsequent investigations into Binance, the leading cryptocurrency exchange in the UNITED States, have increased sales pressures.
Bitcoin fluctuated between $48,868.58 and $51,438.12 in the last 24 hours, rising 0.57 percent to $49,765.36, while the unit’s weekly loss was 14.32 percent. Bitcoin’s total market volume also fell to less than $1.0 trillion from $928 billion.
Ethereum, the second-largest cryptocurrency market unit, rose 6.00 percent to $4,041.04 in the last 24 hours, fluctuating between $3,763.67 and $4,171.02. The unit’s weekly earnings were 14.38 percent and its market volume was $467 billion.
Binance Coin, the third-largest cryptocurrency market unit, also rose 3.48 percent to $601.08 in the last 24 hours, fluctuating between $571.30 and $614.49. The unit’s weekly loss was 4.79 percent and its market volume was $92 billion.
With these developments, total volume in all markets withdrawn after exceeding $2.5 trillion for the first time on May 7 fell to $2.0 trillion 330.13 billion. Total volume in cryptocurrency markets first exceeded the limit of $1.0 trillion on January 7, $1.5 trillion on February 15, and $2.0 trillion on April 10.
Despite the selling pressure on Bitcoin, only 14 of the top 100 units fell in value due to the overall purchases, while one of the fallen units was among the top 10 units.
Of the 377 markets in which a total of 9,825 cryptocurrencies were traded, Bitcoin accounted for 39.9 percent of the total market volume and Ethereum accounted for 20.1 percent. The 24-hour trading volume in all markets was also $207 billion.