Cryptocurrency Market Crash and Top Crypto Prices (May 18, 2022): The global crypto markets remain bearish amid a prevailing sentiment of “extreme fear”. At the time of updating this (9.05 pm), global crypto market cap again crashed to $1.25 trillion from the $1.31 trillion recorded on Monday. Bitcoin price has again crashed to below $29,000 level.
The global cryptocurrency market volume over the last 24 hours decreased by 0.11% to $80.41 billion. The total volume in DeFi was $7.26 billion, which is 9.03% of the total crypto market 24-hour volume. Stable coins volume was $70.38 billion, which is 87.52% of the total crypto market 24-hour volume.
Bitcoin price dropped below the $29,000 level to $28,963 falling 3.77 percent in the last 24 hours.
Meanwhile, Bitcoin’s dominance as top crypto asset continues at around 44.49%. Overall Bitcoin price has decreased by 7.12% in the last 7 days.
Long way to go
Analysts think there is a long way to go before recovery from the current crash starts.
“The $30k level for BTC is one that’s an important psychological area. The crypto Fear & Greed indicator, which gauges market sentiment, was still in extreme fear,” Darshan Bathija, CEO and Co-Founder of Vauld, told FE Online.
“While BTC’s price indicates that we’ve still got a long way to go before a rally or an early recovery, data from glassnode showed that addresses with at least 0.01 BTC passed the 10 million mark for the first time. While we already know that institutions made large BTC bets last year, this metric indicates that retail investors are continuing to remain bullish about the digital asset,” he added.
According to analysts at WazirX Trade Desk, the next support for Bitcoin is expected at $24,000.
“Bitcoin has been moving fairly sideways now, since the past few days. The markets have been majorly dominated by buyers in this period with significantly higher volumes as compared to the previous weeks as the market sentiment sees a positive jump to double figures. On the hourly time-frame, the BTC chart has been moving horizontally within a triangle pattern. The next support for Bitcoin is expected at $24,000,” WazirX Trade Desk said in a note.
Edul Patel Co-Founder and CEO of Mudrex, says it will take a very long time for investors to return to the crypto markets.
“BTC’s initial resistance at US$33,000 could stall an upward momentum in the price. Even though this surge is limited in the bearish market, it has relieved the investors to some extent. With volatility increasing over the past few days, investors may be taking little time to return to the market,” said Patel.
Top Crypto Prices
Meanwhile, some of the top crypto prices are again in the red since las 24 hours. Take a look:
Ethereum (ETH): Ethereum price tanked 4.98% to $1959 in the last 24 hours. In the last 7 days, ETH price has decreased by 15.31%. It is currently ranked second largest crypto asset in terms of market capitalisation.
Binance (BNB): Binance coin’s price blended by over 3.5% to $292 in the last 24 hours. In the last 7 days, BNB price has decreased by 1.18%. It is currently ranked as fifth biggest crypto asset in terms of market capitalisation.
XRP: XRP coin’s price decreased by 4.09% to $0.4088 in the last 24 hours. In the last 7 days, XRP price has decreased by 10.05%. It is currently ranked as 6th biggest crypto asset in terms of market capitalisation.
Solana (SOL): Solana price decreased by 7.68% to $50.82 in the last 24 hours. In the last 7 days, SOL price has decreased by 10.6%. It is currently ranked as 9th biggest crypto asset in terms of market capitalisation.
Cardano (ADA): Cardano token’s price decreased by 8.56% to $0.5263 In the last 24 hours. In the last 7 days, ADA price has decreased by over 10%. It is currently ranked as 8th biggest crypto asset in terms of market capitalisation.
Popular memecoin Dogecoin’s (DOGE) price dropped by 4.32% in the last 24 hours. DOGE is currently ranked 10th in terms of market capitalisation. The price of DOGE at the time of this report was $0.08905.
Meanwhile, prices of Polkadot (DOT) and Avalanche (AVAX) declined by 8.76% and 9 per cent in the last 24 hours respectively. DOT and AVAX are currently ranked 11th and 12th on CoinMarketCap.
(Cryptos and other virtual digital assets are unregulated in India. They are considered extremely risky for investment. Please consult your financial advisor before making any investment decision)