Synopsis
The cryptocurrency markets were trading in the red on Friday, with Bitcoin falling 1.13% to $26,908 and Ethereum above the $1,800 level. BTC volume stood at approximately $14.9 billion, falling 0.58% in the last 24 hours. Other top crypto tokens were also trading lower.
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Explore NowNew Delhi: The cryptocurrency markets were trading in the red on Friday. Bitcoin (BTC) fell 1.13% to $26,908, whereas Ethereum (ETH) was above the $1,800 level. BTC volume stood at approximately $14.9 billion, falling 0.58% in the last 24 hours.
“Bitcoin experienced a reversal, dropping to the US$26,700 level after reaching US$27,400 the previous day. The decline can be attributed to investor concerns surrounding ongoing debt ceiling talks in Washington, D.C., and regulatory developments,” Edul Patel, Co-founder and CEO at Mudrex said.
Other top crypto tokens were also trading lower. Solana and Cardano declined nearly 2%. Ethereum, BNB, Polkadot and Litecoin were also trading lower.
The total volume in DeFi is currently 2.02 billion, 6.40% of the total crypto market 24-hour volume. The volume of all stablecoins is now $29.18 billion, which is 92.43% of the total crypto market 24-hour volume.
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The global cryptocurrency market cap was trading higher around $1.13 trillion, falling 0.81% in the last 24 hours.
The market cap of Bitcoin, the world’s largest cryptocurrency, was around $521 billion. Bitcoin’s dominance is currently 46.33%, a decrease of 0.15% over the day, according to CoinMarketCap.
“Bitcoin struggled to break the $27,500 level, leading to a sharp decline to $26,500. Bearish candlestick patterns were seen on the four-hour time frame, indicating seller dominance. Technical indicators such as RSI and MACD signaled a bear market,” Sathvik Vishwanath, Co-Founder & CEO of Unocoin, said.
Meanwhile, the total crypto market volume over the last 24 hours is $31.57 billion, a decrease of 5.55%.
Rajagopal Menon, Vice President at WazirX said, “Major market oscillators point toward a Neutral sentiment. The Relative Strength Index (14), one of the key indicators, sits at 40, with a neutral outlook. The Stochastic %K (14, 3, 3) and the Average Directional Index (14) is at 30 and 23, respectively, further indicating a Neutral market.”
“The MACD Level (12, 26) at -439 indicates a Sell. The Stochastic RSI Fast (3, 3, 14, 14) is at 24 with a Neutral indicator, while the Williams Percent Range (14) at −74 signals Neutral,” Menon added.
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 11.58 hours, IST on May 19, 2023)
Bitcoin $26,908 -1.13%
Ethereum $1,806 -0.59%
Tether $1.00 -0.02%
BNB $310 -0.87%
XRP $0.4632 3.72%
Cardano $0.3709 -1.50%
Dogecoin $0.07366 -0.19%
Polygon $0.8735 -0.53%
Solana $20.43 -1.74%
Litecoin $92.43 -0.39%
Polkadot $5.36 -0.83%
Tron $0.07022 -1.12%
Shiba Inu $0.000008698 -0.73%
(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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