Most major cryptocurrencies on Friday, May 27, registered sharp losses
Cryptocurrency Price: Crypto markets have not shown a recovery even at a time global stock markets witnessed a strong rise as Terra’s downfall still hurts investor sentiments. In fact, Ether price fell by around 9 per cent over the past 24 hours, while Bitcoin spiralled down below the $28,000 mark. Solana also fell by 11 per cent during the day. As a result, the global cryptocurrency market on Friday, May 27 was down by 4.46 per cent over the past day, standing at $1.19 trillion at the time of writing this article.
“Over the past 24 hours, despite a strong rise in the equities, crypto markets have been in a severe pain, particularly the altcoins. The correlation of cryptos and equities has broken for a while, apparently. Terra’s debacle is still hurting the sentiments, especially in the Defi space. With macroeconomic consideration in mind, investors should stay away from the high risk investments at the movement,” said Kunal Jagdale, founder, BitsAir Exchange.
Bitcoin price today fell by 2.52 per cent to stand at $28,966.87 at the time of writing this article. “Bitcoin fell by 1 per cent yesterday to momentarily drop below the $29K level. without any significant movement. On the 4-hourly time-frame, the BTC trend is moving within a triangle pattern in a wedged manner. The daily RSI is a tad under the 40 mark and still reeling near the oversold zone. An immediate support is expected at $26,800,” said the WazirX Trade Desk.
“Bitcoin was still trading below the $30,000 level, while altcoins continued to underperform. Usually, in bearish markets, alts underperform compared to BTC as they have a higher risk profile. Taking macroeconomic conditions into consideration, the risk-off approach means that investors will stay away from high-risk investments at the moment,” said Darshan Bathija, CEO and co founder of Vauld.
Altcoins like Ether and Solana witnessed a sharp fall too. Ether price today was standing at $1,767.43, falling by 8.03 per cent over the past 24 hours.
“Ethereum witnessed a major correction as it fell by nearly 9 per cent in a single day falling below the $1,800 level for the first time in 9 months. ETH against BTC also dropped and lost around 6 per cent as Bitcoin’s dominance index surged above 46 per cent. The daily chart for ETH-BTC has broken below the ascending channel pattern, breaking its previous support level of 0.064. The next support for ETH-BTC is expected at 0.055 level,” said the WazirX Trade Desk.
Here are the top 10 cryptocurrencies and their prices on May 27, 2022 ( According to data from coinmarketcap.com)
Bitcoin $28,966.87 or 2.52 per cent loss in the last 24 hours
Ethereum $1,767.43 or 8.03 per cent loss in the last 24 hours
Tether $0.9991 or 0.01 per cent gain in the last 24 hours
USD Coin $1 or 0.04 per cent gain in the last 24 hours
BNB $297.57 or 7.46  per cent loss in the last 24 hours
XRP $0.3965 or 1.00 per cent loss in the last 24 hours
Binance USD $0.9997 or 0.006 per cent gain in the last 24 hours
Cardano $0.4612 or 8.35 per cent loss in the last 24 hours
Solana $41.23 or 11.07 per cent loss in the last 24 hours
Dogecoin $0.07737 or 4.28 per cent loss in the last 24 hours
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Swastika Das Sharma, Subeditor at News18.com, has been part of digital media since 2020. She has completed her post-graduation from Asian College of J…Read More
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