New 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 Dogeco .
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.”
“Bitcoin recovered a bit, gaining over 1% in the past 24 hours after experiencing a downward trend the last week due to industry-focused and macroeconomic uncertainties. BTC’s immediate resistance is at US$27,400 and then US$27,800 which might start a decent increase. Whereas the support lies at US$27,000,” Edul Patel, Co-founder and CEO at Mudrex, said.
Other top crypto tokens were also trading higher on Monday. Litecoin Surged by over 7%. BNB, Polygon, Dogecoin and Solana were also trading with gains.
The total volume in DeFi is currently 1.66 billion, 6.3% of the total crypto market 24-hour volume. The volume of all stablecoins is now $23.33 billion, which is 88.41% of the total crypto market 24-hour volume.
The market cap of Bitcoin, the world’s largest cryptocurrency, was around $529 billion. Bitcoin’s dominance is currently 46.48%, an increase of 0.19% over the day, according to CoinMarketCap.
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)
