Crypto Market Capitalization Was Trading Around $2 trillion. Weak hands could be eliminated by 2022.

The year 2022 demonstrated the diverse features of the crypto space as well as market participants such as short-term holders, long-term holders, whales, as well as strong and weak hands. The strong held continued to accumulate wealth while the weaker hands kept squeezing out profit. At the beginning of the year 2022, the market capitalization was trading around $2 trillion. The market crashed caused by the LUNA/UST crisis led to a plunge of nearly $1 trillion. The levels are now below their current levels and could bottom in the next few days. Well, the steep drops are speculated to have been led by the weak hands, who may be wiped out in 2022. According to santiment data, the weak hands have been liquidating their assets in order to make small profits and thus chase short-term bounces. The social dominance of Ethereum and Bitcoin is the main reason for this. The data shows that the number of crypto-related conversations on social media has dropped dramatically. Presently, the BTC dominance has dropped below 14% while that of ETH is below 8%. The BTC price and the entire crypto space may turn bullish only if these rates surge beyond 20%. Long-term traders feel confident in the rally that will follow Bitcoin's mainstream acceptance. A fair rally could occur in the coming months.