Cryptocurrency Price Today: The global cryptocurrency market recovered slightly on May 20, as it gained about 3 percent in the past day along with the stock markets. Major cryptocurrencies including Bitcoin, Ethereum and Polkadot also did not register much movement, but remained in the green zone. However, the crypto market did not show a huge recovery and the same would be unlikely if the macroeconomic situation does not improve, according to experts.
“Bitcoin, Ethereum and other altcoins moved with the stock market. Bearish sentiment in Wall Street also spilled over into crypto markets. Just a day after US Federal Reserve chairman Jerome Powell commented on how 50 basis point rate hikes would continue to contain inflation, markets responded with a risk-off approach. A rapid recovery of the crypto market is unlikely unless macroeconomic conditions improve,” said Darshan Bathija, CEO and co-founder of Vauld.
Bitcoin price stood at $30,058.20 today, up 3.25 percent in the past 24 hours, according to data from CoinMarketCap. “While BTC held the $30,000 level, it should be kept in mind that approximately $640 million worth of BTC options will expire on Friday, May 20. This could result in a further decline from the recent lows witnessed by BTC,” it said. bathija.
“Increasing concerns about inflation and concerns about the global economic slowdown are weighing on sentiments for riskier assets, including cryptos. Among the crypto markets, Bitcoin has been able to hover around the $30,000 level, surpassing pessimism. Whether it can continue to swim against the tide of sentiment, time will tell,” said Kunal Jagdale, founder of BitsAir Exchange:
Among altcoins, Ether price today at the time of writing this article was $2,016.59, according to data. This was up 3.41 percent in the past 24 hours.
In the altcoin space, Polkadot is expected to lead the next bull run as it is up nearly 4.5 percent in the past 7 days after announcing interoperability and multi-chain will be the main focus area on the WEF22 recently. A positive statement from the Russian minister on legalizing crypto as a payment option has sparked some cheer in global crypto markets as Russia has emerged as the biggest proponent of crypto of late,” said Jennifer Lu, co-founder of Coin store.
Here are the top 10 cryptocurrencies and their prices on May 20, 2022 (data from coinmarketcap.com)
Bitcoin $30,058.20 or 3.25 percent gain in the last 24 hours
Ethereum $2,016.59 or 3.41 percent gain in the last 24 hours
Tether $0.9989 or 0.01 percent gain in the last 24 hours
USD coin $0.9999 or 0.00 percent loss in the last 24 hours
BNB $307.12 or 4.08 percent gain in the last 24 hours
XRP $0.432, or 6.60 percent gain in the last 24 hours
Binance USD 0.9991 or 0.25 percent loss in the last 24 hours
Cardano $0.529 or 3.36 percent gain in the last 24 hours
Solana $50.84 or 0.42 percent gain in the last 24 hours
Dogecoin $0.08621 or 2.30 percent gain in the last 24 hours
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