The crypto market is being hit again and many prices are falling to the lowest prices in months. The market was already bleeding last week, but because of the hype about new ones memecoins, this may have been less noticeable. However, this hype seems to be fading fast and prices are starting to fall faster. Total market capitalization is down 2.5% to $1.148 trillion.
⚡ Market Overview#BTС price trades below $27K
The Top-10 are traded in red zone: $ETH -4.13%, $DOGE -2.94%, $BNB -2.55%
Market capitalization: $1.19T (-3.46%)
The BTC dominance: 42.68% (-1.13%)
Fear & Greed Index: 49 (Neutral) pic.twitter.com/2Y4CNhsprl— CryptoRank Platform (@CryptoRank_io) May 12, 2023
Bitcoin drops to $26,300
Bitcoin (BTC) is the biggest loser out of the top 10 today, reducing its dominance to 46.4%. Bitcoin plummeted to $26,100 this morning and currently appears to be finding support around $26,300, with the price down 3.9%. However, analysts seem to be divided on whether the price will hold here or fall even deeper.
Bitcoin Transaction Fees visualizes the hype cycle on BRC-20 tokens. It’s almost back to normal values 😬https://t.co/swmSITDrn4 pic.twitter.com/MBWi45TH15
— Maartunn (@JA_Maartun) May 11, 2023
Ethereum drops to $1,760
Ethereum (ETH) is also taking a big plunge, reaching as low as USD 1,740 this morning. The price is currently finding support around $1,760, but is still down 3.2% today. Yet there is less ETH on exchanges than ever, reports analysis company Santiment.
👛 Ash #Ethereum has dipped to $1,780 today, we’ve seen exchange supply continue to decrease. The percentage of $ETH on exchanges is at its lowest (10.1%) since public trading began in 2015. This is essentially the #AllTimeHigh for non-exchange holdings. https://t.co/WVmeAJhhMM pic.twitter.com/eMXoRh9R76
— Santiment (@santimentfeed) May 11, 2023
Crypto top 10 turns red
Polkadot (DOT) is the biggest loser from the top 10, falling 2.6% to $5.25. Binance (BNB) is down 2.1% to $305. Dogecoin (DOGE) is around $0.07 and is down 1.8%. Polygon (MATIC) just rose sharply, but is still down 1.8% at $0.84.
Solana (SOL) is down 1.5% to $20.2. Cardano (ADA) already made a big dive yesterday, but was able to recover last night. With a price of $0.36, ADA returns to the same price as 24 hours ago.
XRP only top 10 coin in green
Ripple (XRP) is the big exception in the top 10 today, making a huge spike to $0.44 this morning. At the time of writing, XRP is at $0.43, which is still up 1.5%. The analysts of Crypto Insiders therefore report that they see bullish signals for the XRP price.
#XRP printing some green | Let’s see if this holds in the morning | Will update $XRP pic.twitter.com/h60zd9yakh
— Cryptoes (@cryptoes_ta) May 12, 2023
ATOM, RNDR, KAVA only climbers crypto top 100
Yet we also have a few green exceptions in the top 100. Render (RNDR), kava (KAVA), and cosmos (ATOM) are all up at the moment and are therefore up about 3% today.
Neutron is producing blocks ✴️
With the launch process well underway, here’s what to expect from Neutron’s mainnet over the next few weeks 👇https://t.co/wGxgQqZdpR— Neutron ✴️ (@Neutron_org) May 11, 2023
Pepe and other memecoins are down
However, the rest of the top 100 turns red. At the top of the red side today we find terra luna classic (LUNC), sui (SUI), toncoin (TON), klaytn (KLAY) and huobi (HT) all down about 7%.
However, Pepe (PEPE) once again takes the hardest hit and drops by no less than 23% to $0.00000126.
Where does PEPE go next? pic.twitter.com/Gs137d95EN
— DonAlt (@CryptoDonAlt) May 11, 2023
mylady memecoin (LADYS) is also taking a hard hit. The LADYS price was an unprecedented 10,000% up yesterday, but is down 60% today to $0.000000065.
If you notice these suspicious addresses, then you can predict the drop of $LADYS in advance.
9 addresses transferred a total of 26T $LADYS ($3.7M) to exchanges.
Is it a coincidence that the price of $LADYS drops after each transfer?https://t.co/isFU2u9zVK pic.twitter.com/uoa8tBFWUA
— Lookonchain (@lookonchain) May 12, 2023
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