Analyst says that the first bear marker would be a decline in capitalization below $ 2.38 t

The crypto asset industry has lost value in the last week because a large number of digital currencies lost significant amounts. The entire crypto economy is below the $ 3 trillion mark and moves around $ 2.7 trillion in $ 10,970. Bitcoin's dominance is just above the 40% region, while the Ethereum market has mastered 18.4% of the crypto economy on Monday.

Analyst notes that some possible factors could have contributed to slipping the market

The digital currency markets have seen better days and on Monday, November 22, 2021, Bitcoin ( btc ) is in the last seven days at 9,7 % fell. At the time of printing, a single Bitcoin exchanges the owner for just over 58,000 USD per unit zone and the asset has a market evaluation of around USD 1.11 trillion. Ether ( eth ) lost 7.4 % last week and is currently being exchanged for less than $ 4,300 per ether. The largest loser in the top ten market capitalization this week was Polkadot (DOT) with a loss of 12.3%. Solana (Sol) lost the lowest loss of value and avalanche (AVAX) this week into the top ten rating and won 41.0%.

In a note sent to Bitcoin.com News, the market analyst of Etoro, Simon Peters, explained that there were some factors that may have contributed to the decline in the market. "Bitcoin and a large number of other crypto assets fell steeply last week, with some possible factors playing a role," said Simon Peters. "Firstly, the Taproot upgrade has created the Bitcoin-Blockchain uncertainty in the investor community. Taproot, the most important upgrade for the network in the past four years, should rationalize the transactions of the crypto assets faster and cheaper. Upgrades of this kind can lead to short-term uncertainty, as investors can keep the fire," added Peters In addition.

The Etoro analyst continued:

The price level has recently been influencing the US infrastructure calculation. The draft law listed by President Joe Biden could lead to companies being subject to stricter rules for reporting and dealing with crypto-assets, which has led to further uncertainty from the investors. Since Bitcoin and other crypto-assets finally reached new all-time highs, there was probably always a certain profit from investors, which then reflected in price weakness. Bitcoin and Ethereum are getting stronger and the ups and downs of the market are part of this story.

Alex Kuptsikevich: "Bear market would be a decline in capitalization below $ 2.38 trillion"

Alex Kuptsikevich, the leading market analyst from FXPRO, explained in a morning crypto market analysis that Bitcoin ( btc ) the markets are declining. "The technical picture for Bitcoin is bearish," Kuptsikevich told Bitcoin.com News.

"After the technical recovery on Friday, the first cryptocurrency at the weekend in the form of the sliding 50-day average and the 76.4%retracement level of the September November rally met. In addition.

Kuptsikevich continued:

The first indication of a bear market would be a decline in capitalization below $ 2.38 trillion, which is 8% below the current level. For Bitcoin, such a level is close to $ 55,000, which corresponds to a decline of 20 % compared to the highest level, a return to the highest stalls in September and 61.8 % of the last rising dynamics. Exceeding this level would signal a further decline of 20-30%.

Analyst of the Huobi Group: Bitcoins future price "very insecure"

du jun, the co-founder of the Huobi Group, explained the btc has "strong support at 57,500 USD, but the" price of " btc is very uncertain. "

"According to data from Huobi Global, btc fell quickly to the position of 57.500 USD and was disabled" Huobi Group on Monday. "If you look at the 4H-K line, the three EMA lines fall off in different areas, and the slope of EMA5 is the biggest, which means that the downward trend of the price is gradually obvious. Price changes today and the trading volume has returned to a normal level."

What do you think of the prospects for the cryptom market this week? Do you think that the market looks bear or do you believe that the markets are still bullish? Let us know your opinion on this topic in the comments below.

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