An overview of the cryptocurrency market - Tuesday, May 11

An overview of the cryptocurrency market -Tuesday, May 11

Bitcoin Falls $ 6,000

Despite the strong movements and the upward trend of the last few days, BTC has not been able to overcome the resistance of $ 60,000. As we reported yesterday, the market's top cryptocurrency hit a three-week high of $ 59,600.

As the community waited for the $ 60,000 psychological resistance to pass, the bears stepped in and took control. In the hours that followed, Bitcoin began to fall rapidly, dropping more than $ 6,000 to its lowest daily level, just below $ 53,600.

Despite a relative return and multi-thousand dollar recovery, BTC continues to show a decline of about 6% on a 24-hour scale. In addition, the currency still dominates the cryptocurrency market below 43%.

Sea of ​​Blood in the Altcoins Market

Over the past few weeks, the replacement Quinns have performed more dramatically than their leader. However, most of them have fallen sharply since yesterday.

Atrium, which has seen explosive growth at the top of all altcoins, set a record high of $ 4,200 yesterday. However, it immediately plummeted to $ 400 and reached its lowest daily price level at $ 3,800. Ether has improved slightly since then and is now trading below $ 4,000.

Binance Coin (5.5%), Ripple (10%), Cardano (7.5%), Polkadat (12%), Bitcoin Cash (12%), Light Coin (12%) and China Link (12 -%) are all red today.

Dodge Quinn has fallen sharply since Ilan Mask appeared on SNL, falling another $ 11% to below $ 0.5.

Bitcoin Diamond (-20%), Qtum (-18%), ICON (-17%), Ethereum Classic (-17%), OMG Network (-15%), Phantom (-15%), DigiByte (-15% ), Ontology (-15%), Avalanche (-15%) and EOS (-15%) saw more fluctuations.

Typically, after a massive market downturn, the crypto market value also fell by about $ 200 billion yesterday, now reaching over $ 2.4 trillion.

An overview of the cryptocurrency market today Saturday , February 20

An overview of the cryptocurrency market today Saturday , February 20

While the price of Bitcoin (BTC) rose above $ 55,300 in the morning trading session, for the first time the market value of this currency exceeded $ 1 trillion. The breakdown continued throughout the day, with BTC hitting an all-time high of $ 56,368 in the past hour.

Now that Bitcoin has established itself as a trillion-dollar asset among financial giants such as Amazon, Apple and Google, older banks have become more interested in providing cryptocurrency retention services to their customers.

At the time of writing, Bitcoin is trading at $ 55,847.
Several top altcoins on the market have joined the BTC move. One of them is ETH, which set a new record in its history by entering the $ 2,000 channel. The REN token continued its impressive performance, rising 60 percent to $ 1.80. Baines Coin (BNB) has reached its highest price at $ 348.72 with the growing influence of Bainance Smart Chain (BSC).

This parabolic rally made BNB the third largest currency in terms of market value.

Other DeFi-related projects such as PancakeSwap (CAKE) and Venus (VXS) are among BSC's top attractions, trading at $ 20.62 and $ 101.50, respectively, which are new records.

There is currently no sign of a momentary decline in the uptrend that has pushed up the price of Bitcoin and other altcoins. Recent data show that in 2021, bitcoin price increases will begin more on weekends, and many analysts believe that this digital asset could reach $ 60,000 by the end of the week.

While the price of ether (ETH) has remained stable at around $ 2,000, there are rumors that the currency will rise further as corporate investors show great interest in returns through deposits in Eth2 as well as participation in Defy's growing segment. Both of these factors are the driving force behind the growing demand for ether and the consequent increase in its price.