For months, the trajectory of the crypto market indicated that it was going to take a dip, but the recent crash left a significant impact on the prices with some of the biggest coins dealt with heavy blows. Although an increase typically follows, it became a major concern when the majority of the crypto coins remained flat.
On May 26, the global market showed no movement but was marked red as it was slightly down in the past 24 hours. The negative sentiment in the crypto space mirrored that of the stock markets, which was affected by numerous factors, including inflation. Over the last day, the global crypto market fell by 1.62%, standing at a value of $1.25 trillion.
Bitcoin prices stood below the $30,000 level, falling to the price of $29,012.40 as of this writing.
“Bitcoin remained fairly neutral throughout the last day without any significant movement. The crypto market sentiment continued to remain in the “extreme fear” zone,” said the WazirX trade desk. “The trading volumes on exchanges, however, have picked up in the last couple of weeks or so. On the hourly time-frame, the BTC trend continues to traverse within a triangle pattern. The next resistance for Bitcoin is expected at $40,000, and an immediate support is expected at $24,000.”
“BTC continued to exhibit little volatility and moved sideways for the most part,” said CEO and co-founder of Vauld Darshan Bathija. “It was priced at levels below $30,000.”
Ether also crashed, falling to $1,765.71 as of this writing. “ETH was trading below the $2,000 level. The ETH merge — the transition from POW to POS — is likely to occur in August,” suggested Bathija. “The bullish sentiment about the price impact of the merge will likely be muted due to larger macro conditions.”
The following shows the top ten cryptocurrencies according to data from coinmarketcap.com:
Bitcoin – $28,941.64
Ethereum – $1,767.11
Tether – $0.9991
USD Coin – $1.00
BNB – $297.17
XRP – $0.392
Binance – $1.00
Cardano – $0.4584
Solana – $40.93
Dogecoin – $0.07745