May 27, 8:52 am
|Crypto Markets Shed $40 Billion, Ethereum and Cardano Down 5% (Market Wa...|
It's been a rough day for the cryptocurrency market, in general. The total capitalization declined by about $40 billion, and most of it was because altcoins are bleeding out.
Bitcoin Dominance on the Run
Every now and then, especially in bear markets, Bitcoin tends to outperform altcoins. The predominant reason for this is that it's an established market leader with a lot more investor confidence in it compared to historically volatile and unstable altcoins.
With this said, Bitcoin's dominance - the metric that tracks its share relative to that of the entire cryptocurrency market - has spiked by 1% in the past 24 hours alone, tapping yet another high not seen since October last year.
Meanwhile, Bitcoin's price is down a little less than one percent in the past day, trading at $29,000 and unable to recover from the recent slumps.
As seen in the above chart, BTC's price is trapped below the 200-days exponential moving average, which is currently acting as a strong resistance.
Ethereum and Cardano Shed 5%
The altcoin market is looking particularly wobbly, and Bitcoin's rising dominance is a clear sign of this.
In any case, ETH's chart is looking particularly bleak ...
May 26, 4:01 pm
|Biggest Movers: AVAX and ATOM Over 10% Lower on Thursday|
AVAX was one of the biggest movers in crypto markets on Thursday, as prices fell by over 10%, hitting a two-week low in the process. ATOM was also trading in the red, with its value dropping by as much as 13% in the day.
AVAX was one of today's biggest losers, as prices fell by over 10% on Thursday, pushing them to a two-week low.
May 26, 11:31 am
|Avalanche Invites BAYC's Otherside to Move Onto its Subnets|
Layer one (L1) protocol Avalanche asked ApeCoin DAO to consider launching the renowned metaverse project, Otherside, on its layer-two subnet, touting its strengths in rapid transaction processing, higher throughput, scalability, and lower gas fees. The blockchain project sees itself as an alternative to Ethereum upon which Otherside is built.
May 26, 8:45 am
|Bitcoin Dominance at 7-Month High as Altcoins Bleed Out (Market Watch)|
Another day, another failure at the $30,000 line for bitcoin as the asset even dropped to $29,000. However, the altcoins are in an even worse shape, with substantial price losses evident across almost all charts. Ethereum struggles below $1,900, while ADA dumped beneath $0.5.
Bitcoin Stopped at $30K (Again)
It has almost become an inevitable turn o...