Indeed, the crypto market witnesses change every moment. Prices going up and down is usual in this industry. That is why you need to stay up to date if you want to execute profitable deals. So, before you trade today, what happened in the cryptocurrency industry while you were asleep?
Bitcoin, the leading virtual coin, considerably decreased in value yesterday. That is after the asset declined to $48,600 from as high as $58,000. Overnight, the digital asset continued to depreciate up to $46,000 lower. Keep in mind that bitcoin maintained the support area at $48,000 since the start of March 2021.
However, BTC has recovered with new highs, reaching $51,247 at the moment. Analysts are expecting a bullish attitude onwards. If you are interested in an asset with the potential to earn you returns, you may check what BTC has.
Indeed, Bitcoin has never been the same since Tesla CEO declared that it will no longer accept BTC payment due to environmental concerns. Do you think that the executive has formulated a critical problem in the bitcoin market? Or, do you think that bitcoin is used to such lows and ups?
Regardless of the Bitcoin drop, you can still consider technical indicators bullish. MACD remains positive, though the RSI is below 50. Keep in mind that the currency has never crossed the negative territory since 2020 October.
The whole crypto market has suffered a total market capitalization loss of about 10%. After the market hit its highest value of more than $2.53 trillion on 12th May, it fell to $2.26 trillion.
Almost all digital assets that rank into 100 declined in the past day. However, some objects continue to rise. For instance, NANO rose by a whole 57%, now trading at $13.89. Other instruments, such as CRV, KSM, and SNX, also have 10% to 14% gains.
Over the last 24 hours, SHIB has the highest loss. The product is currently lower by 40%. However, this can mean no impact to the asset that had a 1,000% increase over the past month.
If you want to execute your trades, confirm what the market has each time. Remember, you are in a volatile business environment.