May 2023 is still a difficult month for the crypto market. Nevertheless, the damage is not too bad for the time being and today news about a notorious lawsuit ensures that the value of the market is holding up reasonably well. Meanwhile, new hype about metaverse tokens seems to be catching on. Still, crypto’s total market cap is down 1% to $1.168 trillion.
⚡ Market Overview #BTС price trades below $27K
The Top-10 are traded in different directions: $SOL -1.32%, $XRP +5.44%, $DOGE +0.91%
Market capitalization: $1.23T (-0.41%)
The BTC dominance: 42.64% (-0.08%)
Fear & Greed Index: 50 (Neutral) pic.twitter.com/5TUOPqaPMQ— CryptoRank Platform (@CryptoRank_io) May 17, 2023
Bitcoin price drops below $27,000 again
Bitcoin (BTC) has been struggling to hold above $27,000 lately and dipped below again this morning. While whales finally seem to be waking up, it is noticeable that many analysts are becoming increasingly bearish in the near term. Bitcoin is down 1.4% to $26,820 today.
#Bitcoin – Do I think we go lower, yes. Do I know exactly how it’ll happen, absolutely not. These squiggles just represent an example scenario I could see happening, so I make a plan for it. If I’m wrong and we pump to $30k I lose nothing. If this is right I’m positioned well pic.twitter.com/X0OBd2wkf0
— IncomeSharks (@IncomeSharks) May 16, 2023
Ethereum holds up slightly stronger
Ethereum (ETH) briefly moved above $1.8340 again last night, but is making a similar kind of plunge to bitcoin this morning. The ether price seems to find support around $1,805 for the time being, but is therefore down 0.8% today.
The #Ethereum exit queue has remained open for the past week meaning there is currently no build up of validators looking to withdraw assets. Meanwhile, the backlog of those trying to stake their $ETH has continued to increase with nearly 50,000 tokens waiting to be staked. pic.twitter.com/h7Jm4Q0r52
— Jack Neureuter (@j_neureuter) May 16, 2023
Solana hardest faller red crypto top 10
Cardano (ADA) made a big spike to $0.377 last night, but falls all the way back to $0.366 this morning and is therefore 0.9% down. Binance coin (BNB) also loses 0.9% of its value and comes around this morning $309.7 off.
Polygon (MATIC) already had a hard dive yesterday, but is slowly recovering. However, with a price of $0.085, MATIC is already down 1.3%. Solana (SOL), however, is already recovering less strongly and is down 2% to $20.6.
XRP rises sharply on news of lawsuit
Dogecoin (DOGE), on the other hand, turns green today. The DOGE price is currently approaching $0.073 and is therefore 1% up. Then we have ripple (XRP), which shot up sharply last night on positive news about the lawsuit. However, since XRP touched $0.46, the price has been falling this morning and currently stands at around $0.445. Nevertheless, XRP is still 5.1% up today.
#XRPCommunity #XRP #SECGov v. #Ripple BREAKING: Judge Torres denies the SEC’s Motion to Seal the Hinman documents.https://t.co/wiatz4vCHL
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) May 16, 2023
PEPE once again hardest faller crypto top 100
However, the top 100 mainly colors red. At the top, today we find conflux (CFX) down 5%, while the price rose the most yesterday. Kava (KAVA) loses 6% of its value, but it is again pepe (PEPE) that falls the hardest. The PEPE price drops 7.5% to $0.00000157.
If we look at the average value per holder of @pepecoineth and @Shibtokenas measured by the market cap value per holder, we see that PEPE is displaying a similar growth pattern to SHIB, but at a much faster pace. pic.twitter.com/izB4qwxhWv
— Messari (@MessariCrypto) May 16, 2023
Metaverse tokens are suddenly skyrocketing
Yet we have even more green exceptions today. Litecoin (LTC) continues to enjoy the hype surrounding the upcoming halving, rising 4% to $92.5.
$LTC daily transactions are recently at ATHs.
Perhaps an explainer as to why the price chart looks as if it is about to explode higher into the coming months.
Eyes peeled 👀
Get the best entry with $LMDA –> https://t.co/YrnGhLJxHb pic.twitter.com/2xwwtmsjyW
— Lambda (@lambdamarkets1) May 16, 2023
Optimisim (OP), synthetix (SNX), huobi (HT) and flow (FLOW) are up about 4%. Dash (DASH) is up almost 5% and sandbox and render are already up more than 6%. Decentraland (MANA) made a huge jump last night and is up no less than 9.5% today at $0.52.
It’s almost party time 🎂🪅
May 19th 👀@DillonFrancis @VegasCityDCL https://t.co/Oum7rO1GRe pic.twitter.com/8L8PZDcTrp
— Decentraland (@decentraland) May 16, 2023
However, at the time of writing, axie infinity steals the show. The AXS price is currently making unprecedented peaks and just shot up almost 18% in a few minutes to $8.09. That may have to do with the launch of Axie Infinity Origins on the Appstore. The ronin (RON) token also just made a big spike.
Today, $RON gets a new source of demand generation and fees. pic.twitter.com/1zOLj0fFkM
— The Jiho.eth (@Jihoz_Axie) May 17, 2023
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