Crypto Market Update: lead cryptos rebound after UST storm

By Raffaele Redi

Bitcoin is testing again the $30,000 support level

Lead cryptos are rebounding on Friday 20 May 2022, with the UST drama, which saw the de-pegged algorithmic stablecoin causing turmoil in the crypto market, gradually fading.

Ed Moya, a senior market analyst with OANDA, said: “Bitcoin is hovering around the USD 30,000 level as investors continue to shy away from stocks. A weaker dollar and bear market stock fears are making Bitcoin attractive again. It seems the fallout from all the stablecoin drama that sent cryptos sharply lower is finally fading. 

“Bitcoin looks poised to consolidate here, but bulls should be happy to see prices are not mimicking what happens with the stock market.” 

BTC rebounding

Currency.com shows bitcoin (BTC), the largest cryptocurrency by market capitalisation, ended yesterday at $30,280.55, up 5.6%. at 11:00 BAST (UTC +1) it was trading at $30,303.04.

Over the previous 24 hours, BTC was trading 4.55% higher, but 1.1% higher over the previous seven days, according to CoinMarketCap. Bitcoin’s market cap was $574.3bn, representing around 44.9% of total crypto market capitalisation, while the lead crypto’s trading volume was around 5..18% higher at $34.68bn in the previous 24 hours.

The digital oil, ether (ETH), according to Currency.com, ended yesterday at $2.017, up 5.5%. ETH was trading at $2,038.2 at 11:00 BST.

What is your sentiment on BTC/USD?

24325.60
Bullish
or
Bearish
Vote to see community's results!

The total crypto market capitalisation rose by $51bn from $1.231trn to $1.282trn in the previous 24 hours.

Top gainers and losers

According to CoinMarketCap, of the top 100 coins and tokens, Ox (ZRX), the utility token serving the 0x protocol, witnessed more than a 30% increase over the last 24 hours and is changing hands at $0,4742.

On the flip side, Curve DAO Token (CRV), the DAO in-house token of the decentralised exchange for stablecoins, recorded more than a 9.4% decrease over the last 24 hours and is trading at $1.12.

Among the crypto coins and tokens with more than a $50,000 24h-volume that have gained or lost the most in the previous 24 hours, Nekocoin (NEKOS) witnessed a 1920% increase at $0.000000000493, while APY.Finance, (APY), was down 92% at $0.005577.

All prices correct as of 10:15 BST (UTC +1) except where stated.

Further reading

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
iPhone Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image