The crypto market continues to bleed this month and is taking another major hit today. The market remains very cautious due to the uncertain macroeconomic situation. Only a handful of altcoins from the top 100 turn green, but there is a striking newcomer among them. However, the total market capitalization is down 1.4% to $1.149 trillion, the lowest level since March.
⚡ Market Overview #BTС price trades below $27K
The Top-10 are traded in different directions: $MATIC -+0.95%, $ADA -2.26%, $ETH -2.16%
Market capitalization: $1.2T (-1.49%)
The BTC dominance: 42.27% (-0.4%)
Fear & Greed Index: 51… pic.twitter.com/UAOxTI2JG1— CryptoRank Platform (@CryptoRank_io) May 25, 2023
Bitcoin dips below $26,000
Bitcoin (BTC) briefly dipped below $26,000 last night and is currently hovering just above $26,200. However, that is just below the important limit of the 200-week moving average, leading many analysts to expect a deeper decline. Bitcoin is down 2% today.
When anchoring from the November market ATH, the #Bitcoin spot price is finding support at the -61.8% golden ratio Fibonacci Retracement, currently residing at $26.2K. pic.twitter.com/J2spAapQF0
— glassnode (@glassnode) May 25, 2023
Ethereum follows along
Ethereum (ETH) dipped to $1,760 last night, but has since been tentatively rising, currently trading around 1,785. Nevertheless, the ether price is 1.9% down today.
Some good news for #ETH liquidity 🎉:
.01% depth — which measures liquidity immediately around the mid price — is back to pre-FTX levels.
On the other hand, 2% market depth has still failed to recover since the FTX collapse 👎 pic.twitter.com/cRzua3YORa
— Kaiko (@KaikoData) May 24, 2023
Polygon only climber in red crypto top 10
Tron (TRX) held the strongest position among the top 10 largest altcoins and rose just last night. However, the TRX price plummeted again this morning and is down 0.7% today at $0.0769. Polkadot (DOT) recovered relatively strongly from the dip, but with a price of $5.26 is still down 1.1% Binance coin (BNB) also held up reasonably well but still drops by $1.2 to $305.3.
Solana (SOL) was already a bit more volatile and is recovering more strongly from the dip, but fell harder yesterday. With a price of $19.3, SOL is down 1.3% today. Dogecoin (DOGE) is down 1.4% and is back around $0.07. Ripple (XRP) is already down 1.5% and is currently dipping below $0.45 again.
Litecoin (LTC), however, is already having a bit of a hard time and drops by 2.6% to $84.5. However, Cardano (ADA) is the biggest loser out of the top 10, falling 2.7% to $0.358.
Yet we still have a single exception in the top 10: polygon (MATIC). MATIC not only recovered from the dip, but then continued to rise. MATIC is now experiencing resistance around $0.88, but is up 1% today.
Despite its impressive growth during the ’21 bullrun, Polygon has experienced a decline in transactions. The number of daily txs currently sits at around 2000. This represents a significant 81.38% decrease from its highest point this year. Will Polygon bounce back?🤔 pic.twitter.com/afOypM5AlJ
— IntoTheBlock (@intotheblock) May 24, 2023
Hardest fallers crypto top 100
The top 100 is also filled with red prices. At the top we find injective (INJ), pepe (PEPE), algorand (ALGO), gmx (GMX) and stacks (STX) down about 5%. However, Apecoin (APE) is already down more than 7% and Fantom (FTM) is down almost 8%. Kava (KAVA) is down 8.5% today, but synthetix (SNX) is the biggest loser, falling 9.5% to $2.29.
Synthetix Perps achieved a major milestone yesterday – $10 BILLION total volume.
24-hour trading volume across Perps integrators hit $450M yesterday alone.
This is just the start of building an ecosystem of on-chain financial instruments with Synthetix liquidity. pic.twitter.com/Vd7hel1lmTR
— Synthetix ⚔️ (@synthetix_io) May 24, 2023
Hardest climbers crypto top 100
Nevertheless, we still have a number of green rates. Klaytn (KLAY), sandbox (SAND) and axie infinity (AXS) are up about 2%. Lido (LDO) is up by almost 3% and render (RNDR) is even up 6.4% to $2.71.
💽 The +63% price rally by @RenderToken over the past 12 days has moved it up to the #45 spot on the top market caps in #crypto. Our latest insight takes a look at its latest big day, shark & whale behavior, and how the crowd will likely dictate the top. https://t.co/mv5XYBFnP2 pic.twitter.com/z2Z4OBIsEB
— Santiment (@santimentfeed) May 23, 2023
New Coin Enters Top 100 After 1120% Rise
Finally, we have another newcomer storming into the top 100: marmaruNFT (MARU), the coin from a new NFT marketplace. The MARU price is rising at the time of writing to one all time high of $0.246 and is therefore a whopping 19% up today. MARU is now even up 190% compared to seven days ago and even up 1,120% compared to 30 days ago.
.@monacoin_jaga $maru is killing it with a 30.29% Gain today! 🚀
For more Visuals 👉 https://t.co/lL9aJRwqRE
Stay up to date, Follow: @Coinparticle#maru $maru #marumaruNFT #bitcon #Crypto pic.twitter.com/IktgneCciF— CoinParticle (@Coinparticle) May 25, 2023
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