Ellipse Blue half circle

Cryptocurrencies Drop but Remain Positive for the Week

Cryptocurrencies Drop but Remain Positive for the Week

Created by TradeOr

3rd Party Analysis 28 May 2021

Key Takeaways

  • Bitcoin drops for a second straight day on Friday, down over 5% to a session low of $36,400
  • Crypto market still struggles to recoup the losses accumulated last week

Cryptocurrencies Drop but Remain Positive

The cryptocurrency market on Friday is trading to the downside with Bitcoin dropping to a session low of $36,400, down over 5% to its lowest point today. Still, Bitcoin and the overall cryptocurrency market are on track to seal the week with gains. The wild and volatile trading this week followed a major crypto market meltdown over the weekend which sent the Bitcoin’s price in a free fall to a bottom around $30,000 per coin.

On Friday, major cryptocurrencies are pressured as traders and investors cannot provide enough strength for another leg up after the recent tumultuous events, including a crypto mining ban in Iran, Chinese warning over crypto mining and trading and stricter crypto compliance with the IRS in the US.

Bitcoin hovered near the $40,000 mark throughout the week and made several attempts to break above that threshold. Efforts couldn’t yield any lasting results and, presently, the flagship cryptocurrency is trading near $36,600, down 4.5% on the day. Bitcoin, however, is poised to end the week in the green if it manages to stay above the opening price on Monday, $33,600.

On Wednesday, Bitcoin’s price briefly climbed above $40,000 and reached an intraday high of $40,800. Other digital coins also reached their weekly high the same day. Ether pushed to $2,911 on Wednesday as the overall market cap reached a valuation of nearly $1.8tn. The market value of the crypto space is now hovering right above the $1.6tn, of which Bitcoin holds a 43% share, or roughly $690bn.

Second Day of Losses for Ethereum

Similar to Bitcoin, the Ethereum coin is in its second consecutive day of losses and is currently trading slightly above $2,500, down 6% in the trading session. Ether is lower by over 40% from its peak on May 12 when its price jumped close to $4,400 per coin.

Crypto land this month experienced one of its worst periods in its relatively short history. In the beginning of May, the cryptocurrency market stood at a valuation above $2.2tn. A few days before the months ends, the market has declined 27% month-to-date. Bitcoin’s price is down 35% for that period, while ether’s price is lower by 9%.

Trade BTC with 0% commission with TradeOr!