On May 18th, Bitcoin (BitcoinAfter Reuters and various social media reports stated that China will ban financial institutions and payment companies from providing services related to cryptocurrency transactions, FUD (fear, uncertainty, and suspicion) has affected investor sentiment, and the entire cryptocurrency market faces another A round of selling.
According to these reports, China has also issued warnings to several countries. China Trade Association Regarding the dangers of cryptocurrency investment.
Data from United Electrographics Market with Transaction view It shows that the bulls tried to push the Bitcoin price back above the resistance level of $45,000 on May 18, but the price fell back below $43,000.
Although Bitcoin’s conditions may seem a bit dire, some basic developments include: Increase in BTC outflow Enlightenment from Coinbase, the top U.S. cryptocurrency exchange, and MicroStrategy’s use of recent declines Buy another ten million The value of Bitcoin indicates that the top cryptocurrencies have the potential to rise further.
The following tweet by cryptocurrency analyst and Twitter personality Rekt Capital may best summarize the volatile nature of Bitcoin’s current market conditions, which highlights the importance of the upcoming daily closing price of BTC.
Each #BTC Close daily within or above the green support-a bullish reversal will occur#Bitcoin Back to the green support again, but now hovering below the green support
If BTC cannot close daily above/above the green, the green may turn into a new resistancehttps://t.co/2p4FgWWEIi pic.twitter.com/2iGcjLkAgU
-Rekt Capital (@rektcapital) May 18 2021
Altcoins got rid of the downturn
Although the cryptocurrency market has been carrying out full-scale FUD attacks in recent weeks, many altcoins have seen their price breakthroughs in the past few days as traders switch from underperforming tokens to bullish ones.
The best performance this week is MATIC, which is Polygon’s native token, a rapidly emerging second-layer solution for Ethereum that has evolved into an oasis for traders looking for lower fees.
According to the data from Cointelegraph Markets Professional Edition, MATIC’s market conditions have been around for some time, as evidenced by the recent VORTECS™ score of 99 on May 15th, which recorded approximately 50 hours, and its price has risen from the low point of $1.47 on May 17th. 83% hit a record high on May 18, to 2.70 US dollars. The reason for this is that 24-hour trading volume reached a record high of US$6.84 billion.
Synthetix Network Token (SNX) also saw an increase in trading volume on May 18, with its price rising by 40% to an intraday high of $25.64, while the XVS token of Venus, a DeFi platform based on the Binance smart chain, rose by 63%. , Reaching an intraday high. US$143.41.
Other significant double-digit growths include ARK and Celer Network’s CELR growth of 40%, and AAVE and Helium Network Token (HNT) growth of 20%.
At present, the total market value of the entire cryptocurrency market is US$2.076 trillion, and Bitcoin’s dominance rate is 39.4%.
The views and opinions expressed here are only those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading action involves risk, so you should conduct your own research when making a decision.
