The crypto market bleeding has slowed during Monday trading as the digital token king and leader in terms of trading volume, Bitcoin stabilizes around $30,000 USD.
According to the most recent data from Glassnode, the blockchain data and intelligence provider that generates innovative on-chain metrics and tools for digital asset stakeholders, large amounts of Bitcoin have been on the move yet again making March the fourth month in a row with exchanges losing 100,000 BTC.
After setting a new all-time high of $54 in October of 2021, Polkadot’s valuation has been in a free fall, currently trading at a shade over $18. Despite shaving off two thirds of its valuation, multiple market indicators are flashing that a bottom for DOT may be in sight.
Financial markets have been on a roller coaster ride over the past several months with holdings have escaped unscathed, yet Cardano (ADA) seems to have been hit harder than the overall crypto market, dropping out of the top five cryptocurrencies in relation to market cap. ADA went on an impressive run to close out 2021, reaching highs of just below $3.00 before losing several critical support levels due to the potential for upcoming policy shifts, the Ukrainian-Russian conflict, and market wide uncertainties before bottoming out at $0.84, which it is currently trading at.