{"id":14662,"date":"2024-02-17T17:48:26","date_gmt":"2024-02-17T17:48:26","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=14662"},"modified":"2024-02-17T17:48:28","modified_gmt":"2024-02-17T17:48:28","slug":"bitcoin-market-cap-drops-below-1-trillion-as-price-retreats-under-51k","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=14662","title":{"rendered":"Bitcoin market cap drops below $1 trillion as price retreats under $51k"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin\u2019s price retreated below $51,000 to retest critical support levels on Feb. 17 despite holding strong after stronger-than-expected CPI data over the past few days.<\/p>\n<p>The flagship crypto was trading at $50,856 as of press time after touching a low of $50,625.<\/p>\n<p>The decrease marks a 2.81% drop over the last 24 hours, with Bitcoin\u2019s market capitalization now close to $997.31 billion, slightly below the $1 trillion mark.<\/p>\n<h2>Mixed sentiment<\/h2>\n<p>The recent price action comes amid a backdrop of both bullish and bearish sentiments among investors.<\/p>\n<p>Analysis from Changelly suggests that the market sentiment has been predominantly bullish, with a 76% bullish sentiment against a 24% bearish outlook, underpinned by a Fear &amp; Greed Index score of 77, indicating a prevailing sense of greed in the market.<\/p>\n<p>Despite this optimism, Bitcoin has experienced significant price volatility over the past month, with 19 out of the last 30 days closing in the green.<\/p>\n<p>Bitcoin bulls suggest the price is testing support before surging to yearly highs, as it has already broken out of a critical price ceiling to form a bullish megaphone pattern.<\/p>\n<p>Source: Mister Crypto<\/p>\n<h2>Focal point of discussion<\/h2>\n<p>Bitcoin, the world\u2019s first decentralized crypto, continues to be a focal point of discussion among investors, policymakers, and the general public. Its energy consumption, security features, and potential for adoption as a legal tender in various countries remain hot topics.<\/p>\n<p>The crypto\u2019s journey from being perceived as a risky investment to becoming a primary reserve asset for major corporations like MicroStrategy and Bitcoin ETFs issued by major asset managers illustrates its growing acceptance and the changing attitudes toward digital currencies.<\/p>\n<p>Furthermore, the legal and political landscapes around Bitcoin are evolving. Countries like El Salvador have adopted Bitcoin as legal tender, a move that has spurred discussions on the adoption of cryptocurrencies by other nations.<\/p>\n<p>Meanwhile, environmental concerns related to Bitcoin mining continue to spur debates on the sustainability of cryptocurrencies and their impact on global energy consumption.<\/p>\n<p>Bitcoin Market Data<\/p>\n<p>At the time of press 5:04 pm UTC on Feb. 17, 2024, Bitcoin is ranked #1 by market cap and the price is <strong>down 2.1%<\/strong> over the past 24 hours. Bitcoin has a market capitalization of <strong>$1 trillion<\/strong> with a 24-hour trading volume of <strong>$19.87 billion<\/strong>. Learn more about Bitcoin \u203a<\/p>\n<p>Crypto Market Summary<\/p>\n<p>At the time of press 5:04 pm UTC on Feb. 17, 2024, the total crypto market is valued at at <strong>$1.92 trillion<\/strong> with a 24-hour volume of <strong>$59.22 billion<\/strong>. Bitcoin dominance is currently at <strong>52.24%<\/strong>. Learn more about the crypto market \u203a<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/bitcoin-market-cap-loses-1-trillion-level-as-price-retreats-below-51k\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin\u2019s price retreated below $51,000 to retest critical support levels on Feb. 17 despite holding strong after stronger-than-expected CPI data over the past few days. The flagship crypto was trading at $50,856 as of press time after touching a low of $50,625. The decrease marks a 2.81% drop over the last 24 hours, with Bitcoin\u2019s [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14663,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-14662","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14662","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14662"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14662\/revisions"}],"predecessor-version":[{"id":14664,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14662\/revisions\/14664"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/14663"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14662"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14662"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14662"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}