Sunday, June 23, 2024

Market Watch May 19: Another week of lows for crypto market, Bitcoin struggles at $28,000.

The crypto market is once again in the red as Bitcoin struggles to stay above the $28,000 mark. With key support at $29,000, a downside break below this could start a stronger bearish wave. Lows have also been seen in the US markets. S&P 500 is down by 2% and Nasdaq 100 lost 2.3% within the first four hours of trading. Uncertainty driven by the Russian invasion in Ukraine and rising inflation continues to have a chokehold on markets, and the crypto market has also not been spared.

At the time of writing this article, Bitcoin had been down by 4.82% in the last 24-hours. It was trading at $28,889. Ether dipped below the $2,000 mark after losing more than 7% in the last 24-hours. ETH is trading at $1,928. Over the past couple of days, the top two cryptocurrencies have been stuck in a tight trading range – volatility remains elevated. This is likely to boost the risk of greater price swings. Despite the dip in BTC price, trading volume increased by 12.27%, totaling $30.28 billion. The total market cap trades at $555.44 billion. Bitcoin continues to dominate the market.

Meanwhile, the altcoins are splashed in red. Avalanche is the biggest loser as AVAX lost 13.44% of its price in the last 24-hours. Polkadot and Polygon (MATIC) lost more than 12%, while Solana and Cardano saw a dip in their token prices by nearly 11%. The meme coins – Dogecoin and Shiba Inu are down by nearly 7%.

Most altcoins are struggling for a fresh increase but many are showing bearish signs. Data suggests that price action could remain choppy due to the surrounding macroeconomic risk and turmoil in the stablecoin market.

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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