bitcoin price: the best cryptocurrency prices today: Bitcoin, Dogecoin, Ethereum all down; tech graphics are promising
The cryptocurrency market has lost around 60% of the total market cap over the past week, with the two major digital tokens – Bitcoin and Ethereum – dropping large gains from their all-time highs.
The price of Bitcoin, the world’s largest cryptocurrency, fell to $ 37,000 from $ 30,000, its lowest price since January of this year. Other coins have followed suit, dropping by as much as two-thirds in the past two weeks. Reuters reported that last Friday Bitcoin and Ethereum experienced their largest single-day drops since March 2020, when the pandemic began.
“The digital currency market has grown from $ 2.2 trillion to just $ 1 trillion in the past few days. While social influence, China’s ban on cryptocurrencies, and Tesla no longer accepts Bitcoin as a payment method are the main reasons for this price drop, short-term volatility as a price correction and normal in any volatile market, especially after such a big rally, ”said Monark Modi, Founder and CEO, Bitex
As of 9:50 a.m. on May 24, here are the prices of the 10 largest cryptocurrencies by market cap (data from coinmarketcap.com):
- Bitcoin: $ 35,171.36
- Ethereum: $ 2,139.29
- Tie: $ 1.00
- Cardano: $ 1.35
- Binance Coin: $ 277.41
- Dogecoin: $ 0.3065
- XRP: $ 0.7999
- Internet computer: $ 143.44
- Polkadot: $ 18.33
- USD coin: $ 1.00
ZebPay Trade Desk Technical View
Bitcoin charts turned bearish after the recent current correction. However, there are signs of a recovery with BTC cooling just near the long-term uptrend line and a pullback close above the $ 36,000 mark will confirm the end of the correction. 61.80% Fibonacci retracements at $ 30,900 which served as strong support.
BTC could see a recovery of relief above $ 36,000, but should face resistance at $ 42,500. Bullish patterns are moving above the resistance levels of $ 42,500.
The analysis suggests that Bitcoin has been seen as the most preferred asset among digital assets in uncertain times, with volumes moving at the same level and market cap dominance resuming a slow increase.
In addition to the above, falling open interest as well as falling prices give a quick indication of a rescue rally soon.