Why Crypto Market is Down and What to Buy Today?

Crypto Crash News and Today’s Leading Cryptocurrency Prices in India (19 May 2022): In the preceding twenty-four hours, the global crypto market capitalization continued to decline as “great dread” prevailed. According to data from CoinMarketCap, the global crypto market capitalization decreased to $1.24 trillion from $1.29 trillion on Wednesday. Bitcoin’s price has also fallen below the $29,000 mark.

The 24-hour volume of the global cryptocurrency market climbed by 3.44 percent to $80.00 billion. The 24-hour volume of DeFi was $7.31 billion, representing 9.12 percent of the 24-hour volume of the whole cryptocurrency market. The 24-hour volume of stable coins was $70.33 billion, or 87.68 percent of the total 24-hour volume of the crypto market.

Will additional investors sell Bitcoin?

The week that shook crypto | Financial Times

In the current market crisis, altcoins are performing worse than Bitcoin, showing a reduced appetite for risk among crypto traders.

According to experts, an increase in the quantity of Bitcoins on exchanges indicates that there may be additional sales of the leading cryptocurrency.

“Over the past day, BTC’s price fell below $29,000, while ETH’s price fell below $2000. Alongside this decline, data suggested an increase in the Bitcoin supply on exchanges. Typically, investors transmit their Crypto holdings to exchanges with the goal of selling, according to Darshan Bathija, CEO and Co-Founder of Vauld.

Explaining the reason behind current market crash, he said, “The effects of US Federal Reserve Chair Jerome Powell’s latest comments on adding pressure and taking ‘aggressive’ measures to address inflation were seen in the markets. Just a day after his comments, S&P 500 and Nasdaq indexes had dropped. As the traditional markets priced in the scenario, a risk-off sentiment took hold of the markets. Owing to BTC’s high correlation with the S&P, the cyryptomarkets slid down the charts, in lockstep with the equities markets.”

Top Crypto Prices

Meanwhile, many of the top crypto prices fell further in the last 24 hours. Take a look:

Ethereum (ETH): Ethereum price decreased by 5.29% to $1957 in the last 24 hours. In the last 7 days, ETH price has decreased by 3.55%. It is currently ranked second largest crypto asset in terms of market capitalisation.

Binance (BNB): Binance coin’s price  decreased by 2.95% to $295 in the last 24 hours. In the last 7 days, BNB price has increased by 13.2%. It is currently ranked as fifth biggest crypto asset in terms of market capitalisation.

XRP: XRP coin’s price decreased by 2.53% to $0.4085 in the last 24 hours. In the last 7 days, XRP price has increased by 4.45%. It is currently ranked as 6th biggest crypto asset in terms of market capitalisation.

Solana (SOL): Solana price decreased by 10.15% to $50 in the last 24 hours. In the last 7 days, SOL price has increased by 6.21%. It is currently ranked as 9th biggest crypto asset in terms of market capitalisation.

Cardano (ADA): Cardano token’s price decreased by 8% to $0.5209 In the last 24 hours. In the last 7 days, ADA price has increased by 7.47%. It is currently ranked as 8th biggest crypto asset in terms of market capitalisation.

Popular memecoin Dogecoin’s (DOGE) price dropped by 6.23% 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 $0.08376.

Meanwhile, prices of Polkadot (DOT) and Avalanche (AVAX) declined by 9.26 and 11.87 per cent in the last 24 hours respectively. DOT and AVAX are currently ranked 11th and 13th on CoinMarketCap. Polygon (Matic( price crashed by over 10% to 0.6377 in the last 24 hours. It is currently ranked 17th on CoinMarketCap.

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About the Author: Qazi Shahbaz

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