Saturday, July 13, 2024

Market Watch May 16: Bitcoin touches $30,000, upward trend likely this week.

Bitcoin has managed to start the week in the green light at $30,000. The crypto market saw substantial volatility over the last 24-hours as BTC traded in the $29,274 – $30,446 range. Data suggests that trading volume declined by 11.95% totaling $26 billion.

Last week, the popular crypto saw high lows and traded with strong bearish momentum. It found some consolidation below the $32,000 resistance at the beginning of the week. At the time of writing this article, Bitcoin was up by 0.69% and trading at $29,942. In the last seven days, BTC lost 10.40%. Ethereum gained 0.80% and was trading at $2,044. The world’s second most popular crypto lost nearly 16% of its value in the past week.

The overall crypto market, as per data from CoinMarketCap, recorded slight gains. Solana rose as the biggest gainer. It has been up by 10% in the last 24-hours. Cardano gained 9%, Avalanche 4.57%, Polygon is up by 5.49% and Polkadot gained 1.38%. The meme coins also saw gains – Dogecoin gained 2.79% and Shiba Inu 3.54%.

Terra’s stablecoin UST continues to be the biggest loser. It is down by 9.75% in the last 24-hours and is very far from the $1 peg. Currently, UST is trading at $0.17. Tether stablecoin USDT is also depegged and is trading at $0.99. UST is an algorithmic stablecoin that is powered by the Terra protocol and is backed by the crypto token called LUNA.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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