Bitcoin price is fragile, but on-chain data points to fresh accumulation
The May 19 crypto market sell-off saw $1.2 trillion in value erased from the total market capitalization as the froth and excess leverage of over-hyped markets was quickly eliminated.
But similar to a forest fire, whose destructive power is essential to the rejuvenation of a forest's ecosystem, dramatic market shake-outs are a vital part of the full life cycle of a developing market, as excesses that have accumulated are burned away and cleared in order to set the stage for a new round of growth.
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