coinedition.com 2 h Reading time: ~2 m
The bears have won most of this year’s crypto market as the most popular crypto, Bitcoin (BTC), struggles to cross the $20k price point. According to the market intelligence platform, Santiment, five-year BTC investors are now at a loss.
Santiment shared a chart with the crypto community proclaiming that people who have been holding Bitcoin for the last five years are now underwater, with a 34% loss on average. The analytic firm added that BTC return first went 0% on June 9 this year.
📉 Inspired by #Subreddit r/dataisbeautiful reporting that 5-year #Bitcoin holders are now under water… https://t.co/QSZDGmJvc2 @santimentfeed reveals that the average active 5-year trader has a return of -34%. Returns first went below 0% on June 9th.https://t.co/RK6a6hDR7f pic.twitter.com/bbRvXSXIpD
— Santiment (@santimentfeed) December 17, 2022
Currently, BTC trades at around the $16k price range after briefly hitting $18,000 over the previous 48 hours. Additionally, according to data from the market tracking site, CoinMarketCap, the global crypto market cap lost nearly $22 billion in the last 24 hours.
Of the top ten cryptocurrencies with the largest market cap, the Binance coin (BNB) and the meme Dogecoin (DOGE) have been the worst hit under the seven-day window. The meme token experienced a not-so-surprising 20% loss in the last seven days and a 7% loss in 24 hours.
However, BNB trades at $236.49, falling from nearly $300, representing a whopping 18% loss, given that BNB is one of the top tokens with great utility and community. The week-long depreciation may be due to the continuous FUD and panic calls circulating the crypto community.
This week, Binance suffered significant FUD messages that led to massive withdrawals of over $6 billion within 24 hours from the exchange. The crypto community praised Binance for handling the influx without failing.