Synopsis
Major cryptocurrencies, including Bitcoin and Ethereum, were trading in the red on Tuesday. Bitcoin fell by 1.22% to $27,043 while Ethereum was slightly above the $1,800 level. The global cryptocurrency market cap also fell by 1.26% to approximately $1.12tn in the last 24 hours. Other major cryptocurrencies such as Solana, Polkadot, BNB, Polygon and Dogecoin were also trading with cuts. Despite bullish sentiment, the crypto-cautious investors continue to observe from the sidelines.
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Explore NowNew Delhi: The cryptocurrency markets were majorly trading in the red on Tuesday. Bitcoin (BTC) fell 1.22% to $27,043, whereas Ethereum (ETH) was just above the $1,800 level.
BTC volume stood at approximately $13.2 billion, rising 9.41% in the last 24 hours.
“After a day of upward trend, crypto markets have been under minor selling pressure in the last 24 hours. Bullish sentiments seem to be gradually restoring as the crypto fear and greed index stands at 54, up 4 points from yesterday. The crypto-cautious investors, however, continue to observe from the sidelines,” Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, said.
Other top crypto tokens were also trading lower. Solana and Polkadot declined by over 2%. BNB, Polygon, and Dogecoin were also trading with cuts.
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View Details »The global cryptocurrency market cap was trading lower around $1.12 trillion, falling 1.26% in the last 24 hours.
The market cap of Bitcoin, the world’s largest cryptocurrency, was around $523 billion. Bitcoin’s dominance is currently 46.59%, an increase of 0.11% over the day, according to CoinMarketCap.
“Bitcoin (BTC) is down 8% in May so far and is fighting to stay above $27,000 level. Having bounced off $26,000 this week, it is likely to retest its 50-day MA at $28,500 in the coming days. A continued rally is expected in the short-term leading into June,” Vikram Subburaj, CEO of Giottus Crypto Platform, said.
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 41, with a neutral outlook. The Stochastic %K (14, 3, 3) and the Average Directional Index (14) is at 31 and 22, respectively, further indicating a Neutral market.”
“The MACD Level (12, 26) at -427 indicates a Sell. The Stochastic RSI Fast (3, 3, 14, 14) is at 17 with a Neutral indicator, while the Williams Percent Range (14) at −68 signals Neutral,” Menon added.
Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 11.51 hours, IST on May 16, 2023)
Bitcoin $27,043 -1.22%
Ethereum $1,808 -0.95%
Tether $1.00 -0.02%
BNB $314 -0.78%
XRP $0.4237 -1.25%
Cardano $0.3651 -1.85%
Dogecoin $0.07179 -1.63%
Polygon $0.8563 -1.41%
Solana $20.83 -2.11%
Litecoin $87.60 0.60%
Polkadot $5.27 -2.37%
Tron $0.0705 1.13%
Shiba Inu $0.000008784 -0.62%
(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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