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The entire cryptocurrency market fell by about 8% over the past 24 hours, as Bitcoin (BTC) extended its correction. The early Asain session today was a bloodbath for the industry and shaved about $150 billion off the market cap of the industry.
The massive drop got precipitated by Bitcoin’s failure to break the crucial $56,700 resistance, as we predicted in a previous analysis.
At press time, the benchmark cryptocurrency is trading around the $52,500 area, after refreshing its two-week lows at $51,533 earlier today.
Meanwhile, Ethereum (ETH) was quick to follow in the steps of Bitcoin and fell by more than 4%, slipping below the $1,600 psychological support.
Uniswap (UNI) recorded a steeper decline than ETH and tanked by more than 10% on the day. Uniswap investors are reportedly disgruntled with the lack of Layer 2 scaling when the DEX releases v3 on May 5.
Theta, which recently climbed to the top ten cryptocurrency standing, got hit hard by the market crash with a 14% decline.
Finally, other tokens that took part in the widespread market decline include Polkadot (DOT) (-17%), Ripple (XRP) (-10%), Bitcoin Cash (BCH) (-9%), and Litecoin (LTC) (-9%).
Príomhleibhéil BTC le Breathnú - 25 Márta
Following its inability to scale the $56,700 resistance, Bitcoin went into a bearish spiral that sent it below the crucial $52,500 support (like we predicted in a previous analysis). The primary cryptocurrency appears to have found some support at the $51,400 pivot zone and has rebounded slightly from the $52,500 area.
That said, BTC stands a risk of falling, once again, into the $51,400 – $48,500 pivot zone, except it can claw its way back above the $54k round figure in the coming hours.
Idir an dá linn, tá ár leibhéil friotaíochta ag $ 53,000, $ 54,000, agus $ 55,000, agus tá ár bpríomhleibhéil tacaíochta ag $ 52,000, $ 51,400, agus $ 50,500
Caipitliú Iomlán an Mhargaidh: $ 1.64 trilliún
Caipitliú Margaidh Bitcoin: $ 981 billiún
Dominance Bitcoin: 59.8%
Is féidir leat boinn crypto a cheannach anseo: Ceannaigh Boinn
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