Cryptocurrency Price Today: The extreme volatility in the global cryptocurrency market appears to be cooling, while its value has remained stable in recent days as major coins have not shown much movement. This comes days after the cryptocurrency market took a massive plunge, with cryptocurrencies losing as much as 30 percent of their value in one day. According to data, the global cryptocurrency market cap was $1.29 trillion on Wednesday, May 18, down 1.44 percent from the previous day — driven by slight declines in other cryptocurrencies.
Bitcoin price was $29,879.12 today when it dropped below $30,000 again. This had fallen slightly by 2.18 percent in the past 24 hours. On the downside, Ether price stood at $2,028.87 today, down 2.79 percent in the past 24 hours.
“Bitcoin has been moving quite sideways in recent days. Markets during this period have been largely dominated by buyers with significantly higher volumes compared to the previous weeks as market sentiment shows a positive jump to double digits. On the hourly timeframe, the BTC chart moves horizontally within a triangle pattern. The next Bitcoin support is expected at $24,000,” the WazirX Trade Desk said.
Speaking about the movement of the crypto market, the CoinDCX research team said: “Market volatility appears to have decreased quite a bit, with price action of both stocks and crypto showing signs of stabilization. However, investor sentiment remains leaning towards the negative side as there has been no significant improvement in the global macroeconomic environment and government policies still favor continued balance sheet tightening.”
“Underside exhaustion could be the likely cause of prices stabilizing, not unusual given the deep correction of the few days before. From here we could see a slowdown in money flows as institutions take a more cautious stance towards regarding capital management, with many appearing to have a preference for preserving cash flow,” it added.
Darshan Bathija, CEO and co-founder of Vauld, said investors are still optimistic about Bitcoin. “While the price of BTC indicates that we still have a long way to go before a rally or an early recovery, data from glassnode showed that addresses with at least 0.01 BTC crossed the 10 million mark for the first time. While we already know that institutions made big bets on BTC last year, this statistic indicates that retail investors remain optimistic about the digital asset,” he said.
Here are the top 10 cryptocurrencies and their prices as of May 18, 2022 (according to data from coinmarketcap.com)
Bitcoin $29,879.12 or 2.18 percent loss in the last 24 hours
Ethereum $2,028.87 or 2.79 percent loss in the last 24 hours
Tether $0.9989 or 0.01 percent loss in the last 24 hours
USD coin $0.9999 or 0.05 percent loss in the last 24 hours
BNB $299.31 or 2.43 percent loss in the last 24 hours
XRP $0.4268 or 1.62 percent loss in the last 24 hours
Cardano $0.5616 or 3.72 percent loss in the last 24 hours
Solana $55.32 or 3.29 percent loss in the last 24 hours
Binance $0.9992 USD or 0.06 percent loss in the last 24 hours
Dogecoin $0.0888 or 1.54 percent loss in the last 24 hours
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