Bitcoin holds above $27k, Polkadot, Solana fall over 2%
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Loading... - Fedrick Jesus
- 16 May 2023
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Bitcoin and other leading cryptocurrencies experienced a decline in the early trading hours on Tuesday due to low trading volumes, which negatively affected market sentiments. The performance of riskier assets in the near future will largely depend on global economic conditions.
Following a brief recovery, Bitcoin once again entered a downward trend, with the largest cryptocurrency dropping by half a percent but managing to remain above the $27,000 mark. Ethereum also experienced a decline of approximately one percent, yet it was able to retain its value above $1,800. However, other major altcoins continued to face downward pressure, resulting in a general weakness in the market.
Over the past 24 hours, the crypto market witnessed minor selling pressure after a day of upward movement. The fear and greed index, which indicates market sentiment, rose by four points from the previous day to reach 54, indicating a gradual restoration of bullish sentiments. Nevertheless, cautious investors in the crypto space are still observing the market from the sidelines, according to Parth Chaturvedi, Investments Lead at CoinSwitch Ventures.
Chaturvedi further commented, "Bitcoin and Ethereum have been trading within a range. However, Bitcoin's value is holding relatively well and is currently above its 200-week average. The G-7 political forum has shown commitment to adopting upcoming regulations for cryptocurrencies proposed by the Financial Stability Board (FSB) and has been following the recommendations of the International Monetary Fund (IMF) regarding central bank digital currencies (CBDCs)."
With a few exceptions, most of the top cryptocurrencies experienced a decline in trading on Tuesday. Among the gainers, Litecoin saw an increase of over 2 percent, while Tron gained more than one percent. On the other hand, Cardano, Polkadot, Solana, and Dogecoin each dropped by 2 percent, followed by Polygon and Avalanche, which experienced a decline of over one percent each.
The global cryptocurrency market cap experienced a decline of about one percent in the last 24 hours, reaching the $1.13 trillion mark. However, total trading volumes increased by over 21 percent to reach $30.15 billion.
Nervos (CKB) is a crypto-economic network that operates on a layered infrastructure. It divides the crypto-economic system into two layers: a verification layer (layer 1) that acts as a trusted root and smart custodian, and a generation layer (layer 2) that facilitates high-performance transactions and ensures privacy protection.
On a daily timeframe, CKB has rebounded from a descending trend and is on the verge of a breakout. The relative strength index (RSI) has entered the buy zone and is approaching the 45 level. The immediate resistance level is anticipated at $0.0037, with the next support level expected at $0.003.
