Markets
Bitcoin drops drastically! The altcoin market is in trouble!
5:10 pm ▪ 3 min reading ▪ by Eddy S.
Cryptocurrency prices fell today! After approaching $70,000 the previous day, Bitcoin retreated to $68,000. Similarly, Ethereum fell below the $3,900 mark. Only a few altcoins like Solana and meme coins like Shiba Inu, BONK and FLOKI stand out.
Bitcoin and the crypto market downtrend
The total value of the crypto market fell 0.58% to $2.57 trillion on May 28. However, 24-hour trading volume increased by 43.08% to $87.7 billion, indicating a resurgence in activity despite the downward trend!
Bitcoin remains highly volatile in its accumulation phase. It lost 1.29% and fell to $68,139.23 today after oscillating between US$67,746.41 and US$70,597.88. Despite this, its market value still exceeds US$1.3 trillion, with a daily volume of US$28.17 billion. As for Ethereum, it has also seen significant fluctuations, reaching a low of $3,826.20 despite the recent approval of a spot Ether ETF. ETH is currently trading at $3,832.82, down 2.37%.
The unexpected recovery of meme coins
While major cryptocurrencies like Bitcoin and Ethereum are faltering, one category stands out: meme coins! Star Shiba Inu gained another 1.16% from yesterday, now at $0.00002488. But the real champions of the day are FLOKI and BONADOthe two canine projects that are topping the charts.
It’s a great demonstration of the resilience of these popular and fun cryptocurrencies! Their fan communities are not affected by market fluctuations. A lesson in optimism for investors tempted by pessimism?
In short, this tumultuous day illustrates the inherently volatile nature of the crypto market. Far from discouraging experienced investors, these ups and downs are opportunities to discover the best opportunities. Whether with Bitcoin, large established altcoins, or trendy meme coins, the key is to keep a cool head and follow a well thought out long term strategy.
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Eddy S.
The world has evolved and adaptation is the best weapon to survive in this universe. Crypto community manager at the base, I’m interested in everything you touch on the front or back of the blockchain and its derivatives. In the option to share my experience and make you aware of a domain that I am passionate about, it is good for you to read informative and contract articles as you go.
DISCLAIMER
The views, thoughts and opinions expressed in this article belong solely to the author and should not be considered investment advice. Do your own research before making any investment decisions.