Crypto Market Update: lead cryptos rebound after UST storm
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.”
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.
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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.