Bitcoin’s Price Regains Some Losses, Signals Still Show Indecisive Crypto Markets
Digital currency market prices have been dropping during the last few days as the crypto economy now rests at $1.53 trillion in value. Crypto trade volumes have increased a hair on Sunday, and a few crypto assets have seen decent percentage gains over the course of the last seven days.
Crypto Market Prices Consolidate While Traders Wait to See if Bears or the Bulls Grab the Reigns
- Last week, crypto proponents witnessed billions of dollars shaved off the entire crypto-economy and many are curious as to where things are headed next. Bitcoin (BTC) jumped back above the $40k handle a few days ago, but then plummeted below the $34k zone on Saturday.
- At the time of publication, BTC is exchanging hands for $36,098 per unit and is up over 3% this week against the U.S. dollar. Despite the 4% gain last week, 30-day percentages show bitcoin prices are still down 35%.
- The top five trading pairs with bitcoin (BTC) on Sunday, May 30, 2021, includes tether (USDT) with 57% of all trades, USD with 14%, BUSD 5.7%, JPY 4.85%, and the EUR at 4.82%.
- The second-largest market, ethereum (ETH), is swapping for $2,439 per unit on Sunday. ETH is still down 10% during the last 30 days, but weekly stats show ETH has gained 16%.
- Out of the top ten crypto assets in terms of market capitalization, cardano (ADA) has seen the biggest 24 hour gain today. ADA is swapping for $1.68 per unit and is up over 13% on Sunday morning (ET).
- Akash Girimath, an Fxstreet analyst, says that the price of bitcoin (BTC) currently “hangs between whale accumulation and miners’ woes. Girimath’s outlook is quite grim and bearish, but BTC still has a chance to overcome the losses Girimath says.
- “As grim as it may sound,” Girimath said. “Bitcoin’s price still has room to head higher, at least until $42,000. The bearish thesis put forth by the head-and-shoulders technical pattern will face invalidation if BTC generates a decisive daily candlestick close above the resistance level at $42,000.”
- Meanwhile, bitcoin (BTC) has regained some market dominance this week despite the losses. At the time of publication, BTC dominance stands at 43.1% while ETH holds around 18% on Sunday.
- Sunday’s biggest gainer is kicktoken (KICK) up 132% today, and stakenet (XSN) which is up 91% during the last 24 hours.
- The biggest losers this weekend include cube (AUTO) token which is down 60% today, and agrello (DLT) down 60% this morning as well.
What do you think about crypto market prices this weekend? Do you envision a bullish rise or a continued bearish downturn? Let us know what you think about this subject in the comments section below.
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Author: Jamie Redman