The crypto market took another major blow this morning and has not yet been able to recover from it. With the exception of a few prices, the entire top 100 largest altcoins turn red again.
As usual, market sentiment quickly turns around. Crypto remains a very volatile market, especially in this period of macroeconomic uncertainty and low volumes. With a drop of almost 2%, the total market capitalization returns to $1.185 trillion.
⚡ Market Overview #BTС price trades above $27K
The Top-10 are traded in different directions: $XRP +2.92%, $BTC -2.25%, $MATIC -1.94%
Market capitalization: $1.24T (-1.71%)
The BTC dominance: 42.47%… pic.twitter.com/xOVCH0C5lG— CryptoRank Platform (@CryptoRank_io) May 31, 2023
Bitcoin price back to $27,000
Bitcoin (BTC) is taking one of the hardest hits among the biggest coins. The price even briefly dipped below $27,000 this morning and is currently seeking support around $27,100. However, if this fails, many analysts now fear that bitcoin will fall further. Quite a different sentiment than a few days ago. Bitcoin is down 2.7% today at $27,110.
Bearish trend in the BTC market: Open Interest, Taker Buy/Sell Ratio, and NetFlow (1H) are raising red flags. However, a positive funding rate (1H) offers a glimmer of hope.
BTC Open Interest (1H) 🔴
BTC Taker Buy/Sell Ratio (1H) 🔴
BTC NetFlow (1H) 🔴
BTC Funding Rate (1H) 🟢 pic.twitter.com/wLxS793wlA— Axel 💎🙌 Adler Jr (@AxelAdlerJr) May 31, 2023
Ethereum price back below $1,900
Ethereum (ETH) is also falling sharply again, but just a little less hard. ETH briefly dipped to $1,855 and recovered slightly, but now appears to be struggling to move above $1,870. With a price of $1,868, ETH is down 2% today.
👀 @zksync Era∎ volume continues to trend upwards every month pic.twitter.com/GQ4OdUnzly
— Ethereum Daily (@ETH_Daily) May 30, 2023
Polkadot hardest faller red crypto top 10
Tron (TRX) holds a little stronger but still drops 1.1% to $0.0755. Solana (SOL) is already down 1.3% to $20.7. Cardano (ADA) failed to retake $0.38 and is down 1.6% to $0.375. Dogecoin (DOGE) seems to be finding support around $0.0715 for now, but is already down 1.8%.
Binance coin (BNB) drops 2% to $307.5. Polygon (MATIC) loses a whopping 2.4% of its value to $0.89. However, Polkadot (DOT) is the biggest loser today out of the top 10 altcoins, falling 3.1% to $5.33.
XRP only green exception in top 10
Yet we have another exception in the top 10 and that is again ripple (XRP). Tension over the lawsuit seems to be causing an increase in activity, which has caused the price to decouple somewhat from the market. XRP initially rose to $0.529, but is still falling this morning. Nevertheless, at $0.507, XRP is up 1.2% today.
😮 #XRPNetwork has now had its 2nd & 3rd largest address activity spikes of all time these past 2 days. A mild +4% decoupling has emerged between $XRP & the #altcoin pack, and if history repeats itself from the March 18th activity spike, it could be more. https://t.co/601m4SYUOy pic.twitter.com/AF8k4qtPQv
— Santiment (@santimentfeed) May 30, 2023
Pepe and iota hardest fallers crypto top 100
However, the top 100 is filled with a large number of hard fallers. Curve (CRV), stacks (STX), neo (NEO), mina (MINA), bitcoin sv (BSV), and injective (INJ) are all down about 5%. Arbitrum (ARB) and lido (LDO) are already down almost 6% in the red.
For sui (SUI), conflux (CFX) and optimism (OP) it is 7%. Kava (KAVA) even fell by 8% and pepe (PEPE) by more than 9%. However, Iota (MIOTA) is the biggest loser of the day, but still rose sharply in recent days. However, MIOTA is now dipping below $0.2, which means that the price is almost 10% down.
Been a nice week for #IOTA
A quick good mood 🧵— Spec Weekly (@SpecWeekly) May 30, 2023
Quant, graph and xdc hardest climbers crypto top 100
Finally, we have a few exceptions that carefully turn green. Quant (QNT) is up 2.1% to USD 115. The graph (GRT) is up 2.2% to $0.13.
Members of The Graph ecosystem will be in Amsterdam 🇳🇱 this week helping onboard the next wave of web3 users at JSNation & React! 🎉
If you’re there, be sure to connect with The Graph community!
Here are the details ⬇️
— The Graph (@graphprotocol) May 30, 2023
XDC network (XDC) is currently rising sharply and that may have to do with the news below. XDC is about to test the $0.032 and is up 2.6% today.
📢 Exciting Announcement! 🤝 SBI, a global banking powerhouse, joins hands with XDC Network, the leading blockchain platform for trade finance and payments! 🌐💼
We’re thrilled to expand our ecosystem in Japan through this strategic partnership with @sbivc_official . 🌍💱… https://t.co/1B0R33cHUH
— XinFin (@XinFin_Official) May 31, 2023
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