Crypto market update: BTC falls to $29,000

The biggest riser of the day out of the top 100 cryptos is eCash, up almost 15%

Cryptocurrency bitcoin token coins                                 
Cryptocurrency bitcoin token - Photo:Alamy
                                

The lead crypto had dropped below the $30,000 mark again at 15:00 BST (UTC +1) today, 16 May, down 1.58% on the day at $29,653, CoinmarketCap showed. Bitcoin (BTC) ended yesterday at $31,285 after rising by 4.13% during the day, according to Currency.com.

The trading volume of BTC has increased by 19% over the previous 24 hours, to $33.66bn. Meanwhile, seven out of the top 10 cryptos were down today according to CoinMarketCap, with Ethereum (ETH) down 3% to $2,004.

Binance coin (BNB) is down by 1.57% to $295, Ripple (XRP) is down by 2.58% to $0.415 and Dogecoin (DOGE) down 2.26% to $0.08691.

Cardano (ADA) is up by 0.88% to $0.5559 and Solana (SOL) is up by 0.91% to $55.13.     

The two stablecoins in the top 10 cryptos are both up today. Tether (USDT) is up by 0.01% but has fallen below the $1 mark to $0.99. USD Coin (USDC) is also up by 0.01% but is still priced at $1.

Biggest risers out of the top 100 cryptos

The biggest riser of the day out of the top 100 is eCash (XEC), which has increased by 15.33% to $0.00004746. XEC “is the rebranded version of bitcoin cash ABC (BCHA), itself a fork of BTC and bitcoin cash (BCH)”, states CoinMarketCap. The token is still 27% down week-on-week, however.

The second biggest riser is kusama (KSM), up 13.37% to $81.03, but still down 23% week-on-week. Kusama has almost the same codebase as Polkadot, being built on Substrate, and is meant to provide a testbed for developers.

The third biggest top 100 riser of the day is NEM (XEM) and has risen by 6.94% to $0.05. CoinMarketCap says XEM “is a blockchain platform that was launched in March of 2015. It was one of the pioneers of the cryptocurrency industry and sought to improve on the imperfections found on other chains at the time.”

Biggest fallers out of the top 100 cryptos

TerraUSD (UST) is the biggest faller of the day out of the top 100 cryptos, down by 37.4% to $0.1115. UST is “the decentralised and algorithmic stablecoin of the Terra blockchain”, CoinMarketCap says.

The second biggest faller of the day out of the top 100 is The Graph (GRT), having decreased by 8.13% to $0.1771. According to CoinMarketCap GRT “is an indexing protocol for querying data for networks like ethereum, powering many applications in both decentralised finance (DeFi) and the broader Web 3.0 ecosystem.”

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The third biggest faller out of the top 100 is arweave (AR), off 7.38% to $16.60. Arweave is a decentralised storage netwoprk which pays “miners” to indefinitely store network ionformation.

Overall biggest crypto risers

 

Out of the more than 10,000 cryptos listed on CoinMarketCap, quarashi (QUA) is the overall biggest riser of the day, up by 2573.69% to $0.026. According to CoinMarketCap the best crypto exchange for trading in QUA stock is MEXC.

The second biggest riser of all cryptos is metacyber (METAC) and has risen by 759.27% to $0.0000001329. METAC “is the main currency and utility token used in the MetaCyber metaverse” states CoinMarketCap.

The third overall biggest riser is MyKingdom (MYK), it has increased by 493.11% to $0.16. CoinMarketCap states MYK “is a free play to earn (P2E) game that will send players searching for lost non-fungible tokens (NFTs) in an ancient virtual world of great civilizations, combining blockchain's new P2E gaming model.”  

Overall biggest crypto fallers

SafeFloki (SFK) is the biggest faller of the day out of all cryptos listed on CoinMarketCap, as it has fallen by 84.13% to $0.00000000002769. SFK is a "play-to-win token", states CoinMarketCap.

The second biggest faller out of all cryptos is go ride (RIDE) which has dropped by 72.90% to $0.002769. RIDE “is a Web 3.0 fitness and lifestyle app with SocialFi, GameFi and Metaverse elements” states CoinMarketCap.

The third biggest faller out of all cryptos today is banana index (BANDEX) which is down by 70.44% to $0.0000002491. CoinMarketCap says BANDEX “is the Governance Token of Banana Task Force Ape (BTFA). It empowers users to make critical decisions and proposals that can change BTFA's ecosystem.”

All prices correct as of 15:00 BST (UTC +1) on Monday 16 May.

Bitcoin to US Dollar
Daily change
24360.8
Low: 24093
High: 24889

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