Cryptocurrency Price Today: The carnage in the global cryptocurrency market continued for another day on Wednesday, May 11, as major cryptocurrencies continued to lose value amid volatile markets. Terra lost its position from the top 10 and plummeted several ranks as the stable value of $88 was reduced to just $4 after the cryptocurrency lost more than 85 percent of its value. On the other hand, the global cryptocurrency market plunged 4.89 percent to $1.39 trillion at the time of writing this article.
Bitcoin plunged below $30,000 on Tuesday, but regained its value to reach $31,374.17 at the time of writing. However, today’s Bitcoin price was down 0.85 percent in the past 24 hours, according to data from CoinMarketCap. On the downside, Ether price stood at $2,386.08 today, up 0.40 percent in the past 24 hours.
“After a significant correction that caused Bitcoin to plummet below $30,000, BTC appeared to have bounced back above the $31K level as market sentiment of fear cooled down a bit. On the daily timeframe, the trend for BTC is about to break below the long-formed triangle pattern. The trend could bounce back from this support level. However, if the chart breaks below the pattern, the next support for BTC can be expected at $28,600,” the WazirX Trade Desk said.
Even as the price of Bitcoin stabilized around the $30,000 level, glassnode data suggested there was a spike in BTC transfer volume to exchanges. This means that many traders moved their BTC to exchanges to sell. BTC’s correlation with the S&P 500 hindered the asset’s recovery, ETH’s correlation with BTC led the altcoin to trade closely with BTC,” Darshan Bathija, CEO and co-founder of Vauld, told news18.com.
“Terra (LUNA) has had a week-long whirlwind with the token tumbling at an alarming rate. LUNA plunged nearly 85 percent in the past six days, falling to $4, from a steady price of $88. With that, Binance, one of the top global crypto exchanges, temporarily halted the pullback from UST and LUNA. All of this led to a cascading effect on LUNA’s prices, causing it to spiral out of control. The daily chart for LUNA has broken below the rising channel pattern. Immediate support can be expected at $4,” the WazirX Trade Desk added.
Here are the top 10 cryptocurrencies and their prices on May 11, 2022 (according to data from coinmarketcap.com)
Bitcoin $31,374.17 or 0.85 percent loss in the last 24 hours
Ethereum $2,386.08 or 0.40 percent gain in the last 24 hours
Tether $0.9998 or 0.02 percent loss in the last 24 hours
BNB $310.85 or 3.55 percent loss in the last 24 hours
USD Coin $1 or 0.05 percent gain in the last 24 hours
XRP $0.5127 or 1.23 percent loss in the last 24 hours
Cardano $0.6531 or 2.66 percent loss in the last 24 hours
Solana $64.72 or 6.61 percent loss in the last 24 hours
Binance USD $1 or 0.12 percent gain in the last 24 hours
Dogecoin $0.1075 or 5.19 percent gain in the last 24 hours
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