Cryptocurrency Prices Today in India (May 16, 2022): Global crypto market cap has increased by 2.73 percent to $1.31 trillion over the last day, according to CoinMarketCap data on Monday (8.35 am). Some of the top cryptos have shown signs of recovery while the the global cryptocurrency market volume over the last 24 hours decreased by 9.52% to $78.40 billion. The total volume in DeFi was $10.33 billion, which is 13.18% of the total crypto market 24-hour volume. Stable coins volume was $69 billion, which is 88% of the total crypto market 24-hour volume.
The Bitcoin price crossed the $30,000 mark, rising by 2.06 percent in the last 24 hours to $30,302. It had fallen below $30,000 this week amid a global crypto market crash.
Bitcoin’s dominance as top crypto asset continues at around 44.35% with a slight decrease of 0.26 percent over the day. Overall Bitcoin price has decreased by 10.16% in the last 7 days.
What happened last week?
Darshan Bathija, co-founder and CEO, Vauld, says that in the previous week, major US indexes dropped, recording their sixth straight week of losses. Though BTC fell to levels near $26,000 last week, a low last seen in December 2020, it registered a mild weekend recovery to trade above $31,000. ETH posted a minor recovery as well, as it surged to levels above $2100.
Edul Patel Co-Founder & CEO of Mudrex, said that Bitcoin started to recover itself over the weekend from the significant week-long crash. BTC began to rebounce post-Thursday’s counter-trend reversal signal.
“Even though BTC has been down by nearly 9% in the past week, it has gained about 2% in the past 24 hours as buyers started to react to its oversold conditions. The current support price of BTC holds at US$27,000, which likely can stabilize the price movement in the coming days. Even though the current growth appears to be limited, BTC could face initial resistance at US$33,000,” said Patel.
$200 billion wiped out
The previous week, due to the UST de-pegging, LUNA’s prices fell to as low as 13 cents. The resulting bearish sentiment led to about $200 billion in crypto market capitulation being wiped off in just two days, according to Bathija.
Even as BTC’s price fell below $30,000 last week, all eyes were on institutions that added BTC to their balance sheet. “MicroStrategy and Tesla and other institutions had bought BTC last year; as the price fell, their bet on BTC fell below the company’s average purchase price. These companies were posting unrealized losses. Companies were not the only entities with BTC losses on paper; El Salvador, also witnessed losses on its BTC bets,” said Bathija.
Top Crypto Prices
Meanwhile, some of the top crypto prices have recovered up to 14 per cent in the last 24 hours. Take a look:
Ethereum (ETH): Ethereum price increased by 2.72% to $2074 in the last 24 hours. In the last 7 days, ETH price has decreased by 15.84%. It is currently ranked second largest crypto asset in terms of market capitalisation.
Binance (BNB): Binance coin’s price increased by 5.08% to $302 in the last 24 hours. In the last 7 days, BNB price has decreased by 13.7%. It is currently ranked as fifth biggest crypto asset in terms of market capitalisation.
XRP: XRP coin’s price increased by 4.19% to $0.4383 in the last 24 hours. In the last 7 days, XRP price has decreased by 21.94%. It is currently ranked as 6th biggest crypto asset in terms of market capitalisation.
Solana (SOL): Solana price increased by 11.46% to $56.07 in the last 24 hours. In the last 7 days, SOL price has decreased by 25.27%. It is currently ranked as 8th biggest crypto asset in terms of market capitalisation.
Cardano (ADA): Cardano token’s price increased by 12.56% to $0.5872 In the last 24 hours. In the last 7 days, ADA price has decreased by 18.40%. It is currently ranked as 7th biggest crypto asset in terms of market capitalisation.
Popular memecoin Dogecoin’s (DOGE) price increased by 2.07% 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 $0.08974.
Meanwhile, prices of Polkadot (DOT) and Avalanche (AVAX) jumped by 3.5 and 6.52 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)