Altcoins
Bitcoin falls drastically! The altcoin market is in trouble!
5:10 p.m. ▪ 3 min reading ▪ by Eddy S.
Cryptocurrency prices are down today! After coming close to $70,000 the day before, Bitcoin returned to $68,000. Likewise, Ethereum fell below $3,900. Only a few altcoins like Solana and meme coins such as Shiba Inu, BONK and FLOKI stand out.
Bitcoin and the crypto market’s bearish trend
The total crypto market value declined by 0.58% to $2.57 trillion on May 28. However, 24-hour trading volume jumped 43.08% to $87.7 billion, indicating a resurgence in activity despite the downward trend!
Bitcoin remains very volatile in its accumulation phase. It lost 1.29% to $68,139.23 today, after oscillating between $67,746.41 and $70,597.88. Despite this, its market capitalization still exceeds $1.3 trillion, with a daily volume of $28.17 billion. As for Ethereum, it has also seen significant fluctuations, hitting a low of $3,826.20 despite the recent approval of a spot Ether ETF. Currently, ETH is trading at $3,832.82, down 2.37%.
The Unexpected Rally of Meme Coins
While major cryptocurrencies like Bitcoin and Ethereum are in difficulty, one category stands out: meme coins! Star Shiba Inu gained another 1.16% from yesterday, now at $0.00002488. But the real champions of the day are FLOKI and BONKthe two canine projects top the charts.
This is a great demonstration of the resilience of these popular and fun cryptos! Their fan communities are not affected by market fluctuations. A lesson in optimism for investors tempted by pessimism?
In short, this tumultuous day illustrates the intrinsically volatile nature of the cryptocurrency market. Far from discouraging seasoned investors, these ups and downs are opportunities to discover the best opportunities. Whether with Bitcoin, established major altcoins, or trendy meme coins, the key is to keep a cool head and follow a a well-thought-out long-term strategy.
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Eddy S.
The world is evolving and adaptation is the best weapon to survive in this undulating universe. Basically a crypto community manager, I am interested in everything directly or indirectly related to blockchain and its derivatives. In order to share my experience and raise awareness of a field that fascinates me, there is nothing better than writing articles that are informative and relaxed at the same time.
DISCLAIMER
The views, thoughts and opinions expressed in this article belong solely to the author and should not be considered investment advice. Do your own research before making any investment decisions.