The Bitcoin market has reportedly been seeing significant developments since the collapse of the notorious crypto exchange FTX. As per Glassnode, a prominent blockchain analytics provider, the chief crypto token has witnessed an 18-month bull run during the recent year, after the FTX crash. The analytics company took to its official X account to provide the details of this development.
Bitcoin Market Goes Through an 18-Month Gradual Price Spike after the FTX Crash
In its exclusive X post, Glassnode noted that, since that influential event, the market experienced a huge price elevation. During this period, the top crypto asset went through a steady price upsurge. This lengthened uptrend paved the way for a record-high level of up to $73,000 in terms of price. This hike denoted a unique all-time high for the well-known crypto token.
The Lengthened Uptake Results in a Significant Price Correction
Nonetheless, the momentum of the market started to decline in the last 3 months. Hence, the prices got into a range-bound period. The respective consolidation phase recorded the fluctuation in Bitcoin price within a thin range. This signified a pause in the upward trajectory of the market. Nevertheless, between May and July, the market saw its most extreme correction.
Therefore, the prices plunged by more than 26% from the token’s all-time high. This severe dip points toward the most comprehensive cycle correction within the present market cycle. In addition to this, it also highlights a massive shift in the overall sentiment of the investors. The data from Glassnode discloses the volatility defining the crypto market.
The sudden alteration from a lengthened bull market to a thorough correction brings to the front the inherent uncertainties and risks concerning crypto. With the continuous evolution in the market, analysts and traders are eagerly pursuing the indications of a likely recovery or additional downturn.
