Altcoin
BTC struggles below $62,000 while Altcoins show mixed performance
In the volatile landscape of digital currencies, today’s cryptocurrency market has been trending downward overall, with Bitcoin leading the decline and falling below the $62,000 mark. Since May 9, Bitcoin has been hovering around the $61,000 level, marking a decline of 1.75% in the last 24 hours.
This decline significantly affected market sentiment, pushing the global cryptocurrency market capitalization down to $2.28 trillion, a decline of 0.56% from the previous day. The day marked another challenging session for major cryptocurrencies, while some altcoins like Cardano showed resilience.
Bitcoin struggles to maintain momentum
Bitcoin price saw a significant decline, falling by 1.52% to around $61,522.37. Despite this, Bitcoin still dominates the market with a substantial capitalization of $1.21 trillion, even though its 24-hour trading volume has fallen to around $24.6 billion. This decline in price and volume reflects cautious broader market sentiment as investors respond to global economic signals and regulatory news.
Ethereum faces downward pressure
Ethereum also saw a decline, falling 0.50% to $2,993.52. Its market capitalization stands at $359.52 billion, with trading volumes down 1.73% to $11.25 billion. As Ethereum struggles to stay above the $3,000 mark, market participants are closely monitoring developments that could affect its price, including updates on Ethereum-based applications and platform upgrades.
Altcoins show different results
Unlike larger cryptocurrencies, some altcoins have demonstrated robust performance. Cardano (ADA), for example, rose 4.31% to $0.4602, with a notable increase in its 24-hour trading volume of 74.04% to $519.72 million. This gain is particularly notable as it diverges from the broader market trend, likely driven by positive development updates and growing adoption.
Solana, on the other hand, fell 1.91% to $143.80, although it remains a popular choice among decentralized finance (DeFi) and decentralized application (dApp) developers thanks to its high productivity and low transaction costs.
XRP managed to register a slight increase of 0.24%, holding around the $0.52 level, even as its trading volume fell by almost 12% to $1.02 billion. This reflects a cautiously optimistic outlook from investors who are closely watching the SEC’s ongoing lawsuit against Ripple, which could have significant implications for the usability and classification of XRP.
In contrast, Dogecoin recorded a decline of 2.02% to $0.1471. The meme coin continues to experience high volatility, often driven by social media sentiment and celebrity endorsements rather than fundamental developments within its network.
While the cryptocurrency market sees overall declines, some lesser-known cryptocurrencies have recorded gains. Lido DAO (LDO), Tron (TRX), Chiliz (CHZ), and THORChain (RUNE) all posted gains between 1.75% and 2.30%. In contrast, cryptocurrencies such as Dogwifhat, Helium, Aakash Network and JasmyCoin have suffered significant losses, highlighting the unpredictable nature of the cryptocurrency market.