Most cryptocurrencies traded lower than expected as Bitcoin failed to overcome the resistance at $30,500. The popular crypto bulls were disappointed on the upside as it returned to the $29,000 mark. The crypto market hasn’t seen many gains in the month of May. In fact, the market has been on a downward turn and uninspiring.
At the time of writing this article, BTC was down by 2.26%. It was trading at $29,047. Ether lost nearly 10% of its value in the last 24-hours and was changing hands at $1,761. The crypto market, led by Bitcoin, has been stuck in a choppy trading range over the past couple of weeks. This likely suggests minor stabilization after a sharp sell-off earlier in the month.
In terms of crypto’s correlation with stocks, analysts highlighted that S&P 500 rose from oversold levels. The 90-day correlation between Bitcoin and stocks, despite short-term variations, remains at an all-time high. BTC’s performance has continued to show regression and Ethereum also continued to shed value. Experts believe the losses for the market have affected the performance of the majority of the coins, and Bitcoin is no exclusion.
The altcoins saw a decline because of the little influx of capital compared to efflux. Changes in the overall market suggest that it could drop even lower, with some predicting that Bitcoin will slide to the lows of $22,000. If this happens, the global market cap will record a huge setback. Altcoins have been underperforming. Avalanche is the biggest loser. The native token AVAX lost 16.93% in the last 24-hours. Solana is down by 11%, while Cardano and Polkadot lost nearly 9%. The meme coins also saw significant losses – Shiba Inu lost 9.54% in the last 24-hours and Dogecoin is down by 5.54%.
Crypto enthusiasts remain optimistic about the market and hope for gains in the weekend it heads for a fresh new month.