Cryptocurrency price today: After a shocking drop, crypto coins continued to show the aftereffects as the global cryptocurrency market fell by a slight margin on Saturday, May 21. This is largely in line with the behavior of the US stock market, which had a wild day on Friday with the S&P 500 Index approaching bear markets for a few moments before bouncing back to decent levels. As a result, the global cryptocurrency market fell 2.77% over the past day, with its value standing at $1.25 trillion, according to the data.
“Although the current stock and bitcoin market crash in the United States has similarities to the crash of March 2020, the recovery may not follow the same trajectory as market conditions are different. In 2020, the Fed supported the markets with an unprecedented recovery, but in 2022 the focus will remain on reducing inflation and tightening monetary policy,” trade desk WazirX said in its weekly cryptocurrency note.
Today, the price of bitcoin fell back below the $30,000 levels. The Bitcoin price today stands at $29,303.81 at the time of writing, down 2.36% in the last 24 hours.
“Bitcoin has been trading mostly in the red since the start of this month and prices fell almost 34.5%, hitting the low of $25,338. The asset created a “Long Legged Doji” candle and tested the 200-week moving average support and showed signs of recovery,” trade desk WazirX said.
“Over the past nine days, the daily closing price of Bitcoin (BTC) has fluctuated in a narrow range between $28,700 and $31,300. The May 12 crash of TerraUSD (UST), previously the third-largest stablecoin by market capitalization, weighed on investor sentiment, and the path to a bitcoin price recovery looks murky after the stock index tumbled. Nasdaq composite on May 18. It plunged headlong 4.7%,” he added.
Meanwhile, Ether’s price today also crashed to $1,966.96 as of this writing. This has decreased by 2.53% in the past 24 hours.
“ETH (Ethereum) saw a steep decline after facing strong resistance at the 200-day moving average, the horizontal trendline and the 20-day moving average. Currently, the asset is consolidating between $1,900 and $2,155 and is facing strong resistance at $2,150. Once the breakout occurs above resistance with good volumes, we can expect a relief recovery and can reach levels of $2,400,” noted trade desk WazirX.
Here are the top 10 cryptocurrencies and their prices as of May 21, 2022 (According to data from coinmarketcap.com)
Bitcoin $29,303.81 or 2.36% loss in the last 24 hours
Ethereum $1,966.96 or 2.53% loss in the last 24 hours
Tether $0.9987 or 0.54% loss in the last 24 hours
USD Coin $1 or 0.01% gain in the last 24 hours
BNB $303.73 or 1.40% loss in the last 24 hours
XRP $0.4094 or 5.74% loss in the last 24 hours
Binance USD $0.9995 or 0.17% loss in the last 24 hours
Cardano $0.5229 or 2.02% loss in the last 24 hours
Solana $49.64 or 4.08% loss in the last 24 hours
Dogecoin $0.08401 or 3.16% loss in the last 24 hours
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