Cryptocurrency market started showing the signs of pullback and reducing demand of the digital assets today. The dumping price state of Bitcoin (BTC) started to set off and affecting the other altcoin prices in a massive way. The total market capitalization of the cryptocurrencies including Bitcoin (BTC) is 235,299,634,607 USD with 78,936,765,506 USD 24 hr volume at the time of writing as shown in CoinMarketCapglobal data chart on May 23.
The crypto price breakdown in the Asian market is still continued and dipping below which was earlier expected to go above 8000 USD after the clear double formation that noticed in April and till May Mid with the potential effect of Consensus. However, the decline is not sudden but steady. From the past few days, the Bitcoin price was continuously hovering between 7500 USD to 8000 USD and impulsively crushing the altcoins. Today Bitcoin is standing below at the key support and failed to break the resistance level which is further causing a decline in the altcoins positions.
Reportedly, market experts and analysts are observing the price drop very cautiously and suggesting the volatile resistance point that would possibly reach to $7,400 and $6,800, respectively. If the current reflection doesn’t match there is a chance of further decline in the market.
Ethereum Price Dump
Ethereum the 2nd top crypto asset instead of moving up is also in the series of price dropping state and swiftly following Bitcoin (BTC). Reportedly, the 7.5% dump has occurred in the ETH market sentiments. At present, the smart contract based cryptocurrency standing at a price of $239.06 with a total market cap of $25,384,460,492. The position is directing the chances of further falling down respecting Bitcoin (BTC) because this crypto asset is unable to stick or rise above its price resistance comparing to bitcoin and maybe come back again at a weak point of $232.
Other Altcoin Market Sentiments
As of today in the Asian market, the top ten crypto assets are respecting each other and not unable to move up. All the highest and leading digital assets are drenched in red and moving in a sideways or downward trend. Apart from Binance which is trading at $30.91 enjoying a market cap of $4 Billion and low by approx.… 3%, the rest all are dumping and crushing their growth rate: Cardano (ADA) is low by 10%-15%, Stellar (XLM) has also joined the suit and dwindling b/w 9%-10%, Bitcoin SV (BSV), Ripple (XRP), Bitcoin Cash (BCH), EOS all are getting down by 8%-9%.
Interestingly, Matic the Coinbase backed digital asset allegedly which has launched to aim at scaling Ethereum has risen and experienced the surge in the price. The digital coin added over 20% growth in its price. The support of Binance and Ethereum is probably delivering a positive approach and partial advantage to the project.
Matic is a startup project with an objective to facilitate the dApp market and an off/side-chain scaling tool for existing networks like Ethereum. The project is focused on applying deeper solutions in order to provide an improved user experience.