Markets
Bitcoin drops dramatically! The altcoin market is in trouble!
5.10pm ▪ 3 minute read ▪ by Eddy S.
Cryptocurrency prices dropped today! After touching $70,000 the day before, Bitcoin returned to $68,000. Likewise, Ethereum fell below the $3,900 mark. Only a few altcoins such as Solana and meme coins such as Shiba Inu, BONK and FLOKI stand out.
Bitcoin and the bearish trend of the cryptocurrency market
The total value of the cryptocurrency market decreased by 0.58% to stand at $2.57 trillion on May 28. However, 24-hour trading volume increased by 43.08% to $87.7 billion, indicating a pickup in activity despite the downtrend!
Bitcoin remains highly volatile in its accumulation phase. Today it lost 1.29% to $68,139.23 oscillating between $67,746.41 and $70,597.88. Despite this, its market capitalization still exceeds $1.3 trillion, with daily volume of $28.17 billion. Ethereum also saw significant fluctuations, hitting a low of $3,826.20 despite the recent approval of a spot Ether ETF. Currently, ETH is trading at $3,832.82, down 2.37%.
The unexpected gathering of meme coins
While major cryptocurrencies like Bitcoin and Ethereum are faltering, one category stands out: meme coins! The Shiba Inu Star gained a further 1.16% from yesterday, now settling at $0.00002488. But the real champions of the day are FLOKI and BONKthe two chart-topping canine projects.
It’s a great demonstration of the resilience of these popular and fun cryptocurrencies! Their fan communities remain unaffected by market fluctuations. A lesson in optimism for investors tempted by pessimism?
In short, this tumultuous day illustrates the inherently volatile nature of the cryptocurrency market. Far from discouraging savvy investors, these ups and downs are opportunities to discover the best opportunities. Whether it’s Bitcoin, major established altcoins, or trending meme coins, the key is to stay calm and follow a well-thought-out long-term strategy.
Maximize your Cointribune experience with our “Read to Earn” program! Earn points for every article you read and access exclusive rewards. Sign up now and start earning benefits.
Click here to sign up to “Read to Earn” and turn your passion for cryptocurrencies into rewards!
Eddy S.
The world has evolved and adaptation is the best weapon to survive in this wavering universe. The crypto community manager at the base interests me in everything that touches or comes close to the blockchain and its derivatives. With a view to sharing my experience and getting to know a domain that I am passionate about, I am the one who writes informative and décontractés a la fois articles.
DISCLAIMER
The views, thoughts and opinions expressed in this article are solely those of the author and should not be relied upon as investment advice. Do your research before making any investment decisions.