Today we have some major coins from the crypto market that are holding up or even rising significantly. However, the vast majority of altcoins continue to bleed. May remains a tough month for the market so far and trading volumes continue to decline. The total market capitalization of crypto drops 0.5% to $1.171 trillion.
Reason?
– Lower liquidity thanks to pull back of trading firms like Jump, Jane Street
– Sell in May and go away
– Crypto missing key settlement, banking rails w Signature, Silvergate et al gone
— Frank Chaparro (@fintechfrank) May 22, 2023
Bitcoin price stuck below $27,000
Bitcoin (BTC) is holding up a little stronger than most altcoins today, but also turning red and hovering below $27,000. Volatility seems to be just around the corner, but more and more analysts seem to fear a decline.
$BTC my 2 current expectations
Daily close may confirm the ema configuration flipped bearish today 😬 pic.twitter.com/7hqk1j83gP
— Bull Run ₿lackmore 🫐 (@21blacky) May 22, 2023
Despite this, long-term investors are still holding on to their BTC, and that’s a very good thing bullish sign for the long term. With a price of $28,865, bitcoin is down 0.7% today.
The total amount of #Bitcoin held by long-term holders is approaching its all-time high set in March. This shows that despite market uncertainty, the conviction of long-term Bitcoin holders for the asset remains unwavering. pic.twitter.com/SmyqhaoYWT
— IntoTheBlock (@intotheblock) May 21, 2023
Ethereum back at the same price
Ethereum (ETH) is once again recovering stronger than bitcoin this morning, despite the price being less volatile lately. ETH briefly dipped to $1,790 but has since recovered to $1,817, the same price as 24 hours ago.
About 2.2 million #ETH staked so far in May, setting a new monthly record. 🚀
Source: @hildobby (https://t.co/wDXXJN125A) pic.twitter.com/Pef9PKYXB0
— stakefish (@stakefish) May 18, 2023
Crypto top 10 in the red again
Binance coin (BNB) is also recovering this morning, but is still down 0.7% today at $308.7. Ripple (XRP) seems to find support again at $0.46, but is already down 1.7% at $0.462. Dogecoin (DOGE) is down 1.8% today at $0.072. Litecoin (LTC) is also 1.8% in the red and ends at $91.3. Polygon (MATIC) is down 1.9% to $0.86. However, Solana (SOL) is suffering the most, falling 2.2% to $19.85.
Cardano is skyrocketing this morning
Still, we have two green exceptions at the top today. The first is cardano (ADA), which just spiked all the way to $0.374. The price is currently holding at $0.37 and is therefore up 1.5% today.
291 POLISH HAVE VOTED! Will we break 300 today? 🤔💭https://t.co/y4vDChw6kN
Option D still in the lead, while Option A not far behind 👀🗳️🏁
4 Days, 10 Hours Left!#CARDANO #VOLTAIRE pic.twitter.com/qhgOiUvg2L
— NOODZ 🍜 The Alexandria Project (@CardanoNoodz) May 21, 2023
Tron is the big winner of the day
Then we have the big highlight of the day: tron (TRX). The TRX price already made a big jump yesterday afternoon and again this morning. TRX shoots to $0.0779 through a short squeeze and is up no less than 7.5% today.
Traders could tell there was plenty of fuel for a #Tron short squeeze because of the large spike in Open Interest.
Coupled with the aforementioned negative funding rates shorts made themselves an easy target. https://t.co/vpBCD8l5vj pic.twitter.com/WYcH8uMGtA
— Decentrader (@decentrader) May 22, 2023
Pepe also continues to bleed
On the other hand, however, we have enough red prices in the top 100 today. The biggest losers are two newcomers: sui (SUI) and again pepe (PEPE). Both rates are down 7.5% today.
The SmartMoney who made 1,219 $ETH($2.2M) on $PEPE sold all $PEPE with breakeven 8 hrs ago.
He sold 1.33T $PEPE for 1,162 $ETH($2.115M) at a price of $0.000001595.https://t.co/BOiRATC4rn pic.twitter.com/MdYnv6bKss
— Lookonchain (@lookonchain) May 22, 2023
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