Last week was a roller coaster for Crypto, and the situation appears to be no different as the same sentiments seem to be followed this week. In the past several days, the crypto market has lost almost $280 billion in total market volume. Despite frequent temporary greens, cryptos are still bullish in the foreseeable technicals.
BTC touched a ten-month low. According to crypto experts, this might put BTC investors under pressure to sell. BTC has been on a short-term downward trend since March 2022. The trend appears to continue in the following quarter. ETH, the second most popular currency, has also dropped dramatically. Shiba Inu, Polkadot, and Litecoin all plummeted. Meanwhile, Dogecoin witnessed a steady decline over the previous year while Bitgert witnessed a gaining ground. Not only this, but Indian traders are going through an additional pressure as the Indian rupee fell to its lowest level in history, trading at 77.40 per dollar.
Related articles
On the morning of May 16th, the top cryptocurrencies such as Bitcoin and Ethereum advanced marginally as the market rebounded from prior losses. The worldwide crypto market valuation is currently $1.28 trillion, with a gain of 2.26% from the previous day. The overall crypto market volume in the past 24 hours is $118.10 billion, representing a 98.31% drop. On the other hand, the overall volume of all stable currencies is currently $103.84 billion, accounting for 87.92 percent of the 24-hour total volume of the crypto market.
At the time of writing, Bitcoin’s price is currently at $29,997.65, with a dominance of 44.04 percent, while Ether is currently trading at $2,038.93. The price of bitcoin fell to roughly $25,420 this week, its lowest level since December 2020. It touched around $30,000 in the previous week, but that’s still less than half of what bitcoin was valued last November. The prices of top cryptocurrencies and their change in the last 24 hours are as follows:
- Ethereum fell by -0.60% to $2,038.93.
- Tether is priced at $0.9991 with a gain of 0.01%
- XRP coin fell by 0.87% to $0.4203.
- Solana is priced at $54.36 with a gain of 2.26%.
- Cardano token fell by 6.66% to $0.5681
- Terra coin fell by 3.61% to $62.69
- Dogecoin fell by 1.94% to $0.08763.
- Polkadot fell by 1.69% to $10.87
- Shiba Inu fell by -0.72% to $0.00001204.
According to some estimates, Bitcoin might go below $30,000 by June 2022. On the contrary, few analysts predict BTC will reach a new high of $100,000 this year. Meanwhile, blockchain-based gaming has grown by nearly 2000% this year.
Despite a continuous fall in the prices of popular currencies and disparity for future predictions, here’s why you shouldn’t panic! ‘Buying the dip’ principle has worked great for people who have solid holdings. The preferred route to trade is to perform your independent review and study, while also keeping a watch on other commodities, equities, and collaterals that affect Crypto trading. Want to know more about how ‘buying the dip’ principle works? Click here.
For latest updates relating to blockchain, business, and market news, stay tuned with PCEX Member, one of the best trading platforms for investment with minimal trading fees.
