Crypto Crash Recent Updates May 18: Bitcoin under $ 30,000 again; The market value of cryptocurrency falls to $ 1.29 billion

The cryptocurrency market crashed and best crypto prices today (May 18, 2022): Global crypto markets remain bearish amid the prevailing sense of “extreme fear”. As of this writing, the global crypto market value has dropped again to $ 1.28 billion from the $ 1.31 billion recorded on Monday. The Bitcoin price fell again below the $ 30,000 level.

The volume of the global cryptocurrency market over the past 24 hours fell by 11.39% to $ 77.44 billion. Total DeFi volume was $ 7.66 billion, or 9.89% of total 24-hour crypto market volume. Stablecoin volume was $ 67.5 billion, or 87.16% of total 24-hour crypto market volume.

The Bitcoin price fell below the $ 30,000 level to $ 29,844, down 1.74% in the last 24 hours.

Meanwhile, Bitcoin’s dominance continues as the leading cryptocurrency at around 44.2%. The total price of Bitcoin has fallen by 4.7% over the last 7 days.

Long way to go

Analysts believe there is still a long way to go before the recovery from the current crash begins.

“The $ 30,000 level for BTC is an important psychological area. The Fear & Greed crypto indicator, which measures market sentiment, was still in extreme fear,” Darshan Bathija, CEO and co-founder of Vauld, told FE Online.

“While the price of BTC indicates that we still have a long way to go before a rally or a quick recovery, glass node data showed that addresses with at least 0.01 BTC broke through the 10 million mark for the first time. Although we already know that institutions made significant bets on BTC last year, this target indicates that retail investors continue to remain optimistic on the digital asset, “he added.

ALSO READ | Bitcoin price prediction: One of the reasons why the BTC market may soon return from the $ 30,000 level

According to analysts at WazirX Trade Desk, the next support for Bitcoin is expected to be $ 24,000.

“Bitcoin has been moving quite sideways over the last few days. Markets have been overwhelmingly dominated by buyers during this period with significantly higher volumes compared to before, as market sentiment sees a positive double-digit correlation. “The next support for Bitcoin is expected to be $ 24,000,” WazirX Trade Desk said in a note.

Edul Patel, co-founder and CEO of Mudrex, says it will take a long time for investors to get back into the crypto markets.

“BTC’s initial resistance of $ 33,000 could dampen upward momentum in the price. Although this push is limited in the bear market, it has eased investors somewhat. With the increase in demand over the last few days, it may not take long for investors to get back on the market, ”said Patel.

Best crypto prices

Meanwhile, some of the best cryptocurrencies have been in the red again for 24 hours. Consider:

Ethereum (ETH): Ethereum price fell by 1.27% to $ 2043 within the last 24 hours. In the last 7 days, the price of ETH has fallen by 13.57%. It is currently ranked as the second cryptoactive by market value.

Binance (BNB): The Binance coin price fell by 2% to $ 300 within the last 24 hours. In the last 7 days, the exchange rate of the BNB has fallen by 5.7%. It is currently ranked as the fifth largest cryptocurrency by market value.

XRP: The price of the XRP coin has fallen by 1.44% to $ 0.4291 in the last 24 hours. In the last 7 days, the price of XRP has fallen by 16.93%. It is currently ranked 6th among cryptocurrencies by market value.

Solana (SOL): The Solana price rose 0.04% to $ 55.61 in the last 24 hours. Over the past 7 days, the price of SOL has fallen by 16.57%. It is currently ranked 8th among cryptocurrencies by market value.

Cardano (ADA): The price of the Cardano token fell by 1.64% to $ 0.5619 within the last 24 hours. In the last 7 days, the price of ADA has been reduced by more than 10%. It is currently ranked 7th among cryptocurrencies by market value.

Popular memecoin price Dogecoin (DOGE) has fallen 0.9% in the last 24 hours. DOGE is currently ranked 10th in terms of market value. The price of DOGE at the time of this report was $ 0.08905.

Meanwhile, prices of Polkadot (DOT) and Avalanche (AVAX) have fallen by 4.13% and 2.26% respectively in the last 24 hours. DOT and AVAX are currently ranked 11th and 12th on CoinMarketCap.

(Cryptos and other virtual digital assets are unregulated in India. They are described as extremely risky for investments. Please contact your financial advisor before making any investment decision)

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