Crypto Market Rise Knocked Off, Bitcoin Slides 8.5%

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Created by TradeOr

3rd Party Analysis 11 May 2021

Key Takeaways:

  • Bitcoin drops below $55,000 as crypto market rise declines
  • Ethereum slides off its highs above $4,200

Crypto Market Rise on a Downward Spiral

A sharp sell-off went through the crypto market at the start of the week. On Monday, major cryptocurrencies retreated from their weekly highs as crypto investors took on a risk off approach to the emerging digital asset class.

Bitcoin suffered a decline of around 9.7% on Monday. The price dropped from a three-week high of $59,500 to a session low of $53,700. Currently, the price is slightly positive on the day as the asset is trading at $55,600. It still remains under pressure for the week, down by 8.5%. Over the weekend, bitcoin’s price was rangebound in the neighborhood of $58,000, the level that acted as short-term resistance and was conquered in the early hours of Monday’s session. Buyers, however, were not able to maintain the upside momentum and the price dropped back into the consolidation area.

 

Specific Performance Of Ethereum, Bitcoin and Doge Coin

A different crypto asset, however, captured the attention of crypto enthusiasts yesterday. Ether, the digital token powering the Ethereum network, sprinted to a new record high of $4,211. Shortly after the asset traded over the $4,200 milestone, the price dropped and closed in the red, ending the 15-day winning streak. Yesterday, Ether closed at $3,900, and today the price is again in green territory, trading around the $4,000 mark.

Bitcoin’s dominance over the market continues to shrink. Currently, bitcoin’s valuation of $1tn represents around 42% of the $2.4tn crypto market. Altcoins remain well-bid even after yesterday’s significant decline. The altcoin market this year has climbed from $230bn to yesterday’s record high of $1.4tn.

Dogecoin continues to struggle to regain the higher grounds from last week. The Shiba Inu-themed coin now hovers around $0.45, down from Saturday’s peak of $0.75. Billionaire Elon Musk citing the token during the much-anticipated Saturday Night Live show wasn’t enough to produce a new bull run. Later, it became clear that the cryptocurrency will be used to pay for a lunar satellite launch by SpaceX, Mr. Musk’s rocket company.

 

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