Synopsis
Cryptocurrencies, including Bitcoin and Ethereum, experienced a decline in trading on Friday. Falling 5% to $26,163 and below $1,750 respectively. The global cryptocurrency market cap dropped 3.75%, and Polygon experienced a decrease of over 4%, while other top cryptocurrencies also showed reductions. The decline in prices could be attributed to factors including increasing network congestion, rising transaction fees, or an incorrectly tagged US Government wallet dumping a large position in a significant sell order. Longer-term holders remained resilient despite short-term holders being negatively impacted.
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Explore NowThe cryptocurrency markets were trading in the red on Friday. Bitcoin (BTC) declined 5% to $26,163, whereas Ethereum (ETH) was below the $1,750 level.
BTC volume in the last 24 hours stood at approximately $18.2 billion, falling 12.6% in the last 24 hours.
“BTC came under selling pressure, falling by over 7% last week, and is now trading lower than the psychologically important $27k level. Multiple factors are being speculated as the reasons behind the fall in prices, including increasing network congestion, rising transaction fees, and even an incorrectly tagged US Government wallet dumping a large position in a huge sell order on Wednesday,” Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, said.
Other top crypto tokens were also trading lower on Friday. Polygon declined by over 4%. BNB, Litecoin, Dogecoin and Solana were also trading with cuts.
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View Details »The global cryptocurrency market cap was trading lower around $1.09 trillion, falling 3.75% in the last 24 hours. “At the moment, the crypto market narrative seems to be driven by the bearish sentiment of short-term holders. However, longer-term holders remain resilient. The ups and downs reflect the ongoing uncertainties about cryptos and wider macroeconomic conditions,” Harshit Chachra, Web3 Growth Head at Onramp.money, said.
The total volume in DeFi is currently 2.74 billion, 6.75% of the total crypto market 24-hour volume. The volume of all stablecoins is now $36.78 billion, which is 90.57% of the total crypto market 24-hour volume.
The market cap of Bitcoin, the world’s largest cryptocurrency, was around $506 billion. Bitcoin’s dominance is currently 46.53%, a decrease of 0.37% over the day, according to CoinMarketCap.
“Bitcoin is approaching the bearish Fibonacci retracement level of $26,800. A breach could lead to a sell at $25,450 and potentially a further decline to $24,000. RSI and MACD indicate a sell bias. However, a bullish rebound could target $28,400 or higher at $29,850 for the BTC/USD pair,” Sathvik Vishwanath, Co-Founder & CEO of Unocoin, said.
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 11.50 hours, IST on May 12, 2023)
Bitcoin $26,163 -4.91%
Ethereum $1,746 -4.57%
Tether $1.00 0.02%
BNB $302 -3.21%
XRP $0.4269 -0.28%
Cardano $0.3594 -1.80%
Dogecoin $0.07039 -3.08%
Polygon $0.8252 -4.38%
Solana $19.88 -3.47%
Polkadot $5.17 -4.16%
Tron $0.6767 -2.37%
Litecoin $78.17 -2.86%
Shiba Inu $0.000008564 -3.32%
(Note: Price change in last 24 hours)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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