Cryptocurrency Price Today: Bitcoin Below $30,000 Again But Markets Stabilise; See List

Cryptocurrency Price Today: The extreme volatility in the global cryptocurrency market is seemingly cooling off, with its value remaining flat over the past few days as major coins have not been showing much movement. This comes days after the cryptocurrency market took a huge plunge, with crypto coins losing as much as 30 per cent of their values in a single day. According to data, the global cryptocurrency market cap on Wednesday, May 18, was standing at $1.29 trillion, a dip of 1.44 per cent over the last day — prompted by slight downfalls in other cryptocurrencies.

Bitcoin price today was at $29,879.12, as it fell below the $30,000 mark again. This was down slightly by 2.18 per cent in the last 24 hours. On the other hand, Ether price today was standing at $2,028.87, down by 2.79 per cent in the last 24 hours.

“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,” said the WazirX Trade Desk.

Speaking on the crypto market movement, the CoinDCX research team said, “Market volatility appears to have come down quite a bit, with the price action of both equities and crypto showing signs of stabilisation. Investor sentiment remains tilted towards the bearish side, however, given that there has been no significant improvement in the global macroeconomic environment and that governmental policies still favours a continued tightening of balance sheets.”

“Downside exhaustion could be the likely cause of stabilising prices, not uncommon given the deep correction the couple of days prior. Moving forward from here, we might see a slowdown of fund flows as institutions take a more cautionary stance towards the management of capital, with many seeming to have a preference for cash flow preservation,” it added.

Darshan Bathija, CEO and co founder of Vauld, said investors are still bullish about Bitcoin. “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 said.

(Reporting by AJFX Limited, Editing by Shivangi Jadav)

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