The crypto market saw its valuation fall under $2 trillion again as Bitcoin ($BTC) and Ethereum ($ETH) lost key support momentarily. September has continued to be bearish for the crypto market, but Mike Novogratz, the CEO of one of the leading crypto asset manager groups Galaxy Digital said if BTC maintains its price above $40,000 and ETH above $2,800, the crypto market is in good shape. Novogratz’s comments came during his appearance on CNBC’s Squawk Box.
“We held $40,000 overnight in #bitcoin and $2,800 in #ethereum. Those are very important levels for people to watch. As long as those hold, I think the market is in good shape,” says @novogratz on crypto during #evergrande pic.twitter.com/aaL2ntN3Jo
— Bloqport (@Bloqport) September 21, 2021
Mike Novogratz is a known Bitcoin proponent and believe the market is just consolidating and would eventually recover to regain the bullish momentum.
$BTC price fell below $40K key support yesterday before recovering above the price and currently trading at $42,063 with a 2.5% decline over the past 24-hours. The top cryptocurrency started the month on a high at a price of near $53K, and as has been the historic trend in September, the top cryptocurrency has lost nearly 20% of its market cap since September 6.
The world’s second-largest crypto by market cap $ETH fell to a daily low of $2,676 before recovering above $2,800. $ETH is currently trading at $2,913 with a 4.13% loss over the past 24-hours. $ETH quite similar to Bitcoin started the month on a high note above $4,000 with eyes set on ATH but has lost over 25% of its market cap since September first week.
Bitcoin Whales and Retail Buyers Continue to Accumulate
Bitcoin price might have been on the decline, but on-chain metrics and retail and whale accumulation indicate that the top cryptocurrency is slated for a resurgence very soon. As per glass node data, small Bitcoin wallets now hold 13.9% of the total circulation supply, indicating these small wallets have increased their holdings significantly since the May sell-off.
They now hold a collective 13.9% of supply. pic.twitter.com/Ap7X5FdE92
— glassnode (@glassnode) September 22, 2021
The second-largest Bitcoin whale wallet was seen buying the dip as it accumulated 321 BTC worth over $13 million and currently holds about $5 billion in Bitcoin. The whale wallet holds a total of 111,794.59 BTC which is about 0.5939% of the entire Bitcoin supply.
Another rejoicing news for investors is that the last quarter of the year is considered bullish and many analysts are still firm on their $100,000 $BTC price by end of the year.