The global crypto ecosystem experienced a significant downturn after several days of positive momentum. On March 5, Bitcoin (BTC) reached a new all-time high of $69,170 with a total market cap exceeding $1.4 trillion. However, the flagship cryptocurrency saw a sharp decline below the $60,000 mark as the market cooled off.

BTC Price on March 5

CryptoQuant’s head of research, Julio Moreno, shared a chart indicating Bitcoin’s heatmap since the beginning of the year. As BTC crossed the $60,000 threshold, the data showed the leading digital currency in the overheated zone.

Following the drop in Bitcoin’s price, the global crypto market cap also decreased by 1.4% in the past 24 hours, falling from $2.68 trillion to $2.58 trillion.

However, the daily crypto trading volume surged by 27%, reaching $317 billion in the past 24 hours, according to CoinGecko.

Many users on social media platforms like X and Reddit are discussing holding onto their crypto assets during the recent price dip. Some users believe that this might be an opportune moment to buy Bitcoin and anticipate a further price rally.

Despite the market downturn, Shiba Inu (SHIB) remains in the bullish zone, as per Santiment. SHIB saw a 230% rally in the past week, reaching levels not seen since late 2021.

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