Cryptocurrency Price Today: After a shocking demise, cryptocurrencies continued to suffer as the global cryptocurrency market fell by a slight margin on Saturday, May 21. This was largely in line with the behavior of the US stock market, which had a wild day on Friday with the S&P 500 index briefly approaching bear markets before returning to decent levels. As a result, the global cryptocurrency market fell 2.77 percent in the past day, worth $1.25 trillion, according to data.
“While the current crash in the US stock and bitcoin markets shares similarities with the March 2020 crash, the recovery may not follow the same trajectory as market conditions are different. In 2020, the Fed supported the markets with unprecedented stimulus, but in 2022, the continue to focus on curbing inflation and tightening monetary policy,” the WazirX trading desk said in its weekly cryptocurrency note.
Bitcoin price dropped below $30,000 levels again today. Today’s Bitcoin price stood at $29,303.81 at the time of writing this article, which is down 2.36 percent in the past 24 hours.
Bitcoin has been trading mostly in the red since the beginning of this month and prices are down nearly 34.5 percent, hitting the low of $25,338. The asset has made a ‘Long Legged Doji’ candle and has tested support for the 200-week moving average and showed signs of recovery,” the WazirX trading desk 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 crash of TerraUSD (UST) on May 12, formerly the third-largest stablecoin by market capitalization, weighed on investor sentiment, and the path for a bitcoin price recovery looks murky after the Nasdaq composite stock index fell on May 18. . 4.7 percent,” it added.
Meanwhile, the Ether price also crashed to $1,966.96 today while writing this article. This was a decrease of 2.53 percent in the past 24 hours.
“ETH (Ethereum) witnessed a sharp decline after a solid resistance against 200-day moving average, horizontal trendline and 20-day moving average. Currently, the asset is consolidating between $1,900 and $2,155 and is facing solid resistance at $2,150. Once the breakout with good volumes moves above the resistance, we can expect a rally to rally and climb as high as $2,400,” the WazirX trading desk noted.
Here are the top 10 cryptocurrencies and their prices on May 21, 2022 (according to data from coinmarketcap.com)
Bitcoin $29,303.81 or 2.36 percent loss in the last 24 hours
Ethereum $1,966.96 or 2.53 percent loss in the last 24 hours
Tether $0.9987 or 0.54 percent loss in the last 24 hours
USD Coin $1 or 0.01 percent gain in the last 24 hours
BNB $303.73 or 1.40 percent loss in the last 24 hours
XRP $0.4094 or 5.74 percent loss in the last 24 hours
Binance USD 0.9995 or 0.17 percent loss in the last 24 hours
Cardano $0.5229 or 2.02 percent loss in the last 24 hours
Solana $49.64 or 4.08 percent loss in the last 24 hours
Dogecoin $0.08401 or 3.16 percent loss in the last 24 hours
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