Bitcoin (BTC), the oldest and most valuable cryptocurrency, fell below $27,000 on Friday. Ethereum (ETH) followed suit and fell below $1,800. Other popular altcoins like Dogecoin (DOGE), Ripple (XRP), Litecoin (LTC) and Solana (SOL) are also in the red. According to CoinMarketCap, there were only two winners today. Among the losers, memecoin PEPE fell the most -- more than 36%.
At the time of writing, the global cryptocurrency market cap is $1.10 trillion, down 2.96% in 24 hours.
Bitcoin (BTC) price today
According to CoinMarketCap, bitcoin prices stood at $26,668.83, down 2.77% in 24 hours. According to Indian exchange WazirX, the price of BTC was 23.99 lakh.
Ethereum (ETH) price today
ETH is trading at $1,765.61 at the time of writing, down 3.41% in 24 hours. According to WazirX, the price of Ethereum in India is 1.60 lakh.
Dogecoin (DOGE) price today
According to CoinMarketCap, DOGE is down 2.08% in 24 hours and is currently trading at $0.07119. According to WazirX, Dogecoin price in India is 6.31 rupees.
Litecoin (LTC) price today
Litecoin posted a 2.22% loss in 24 hours. At the time of writing, it costs $78.55. The LTC price in India is Rs 6,940.
Ripple (XRP) price today
XRP price fell 2.17% to $0.4194 in 24 hours. According to WazirX, Ripple costs 37.50 rupees.
Solana (SOL) price today
Solana lost 2.55% in 24 hours to trade at $20.11. According to WazirX, SOL prices in India stood at 1,810 rupees.
Today's Cryptocurrency Profit Guides (May 12)
According to CoinMarketCap, the top two crypto enthusiasts over the past 24 hours are:
Twin Dollars (GUSD)
Price: $0.9975. Loss in 24 hours: 0.30%.
TrueUSD (TUSD)
Price: $ 0.9992 Loss in 24 hours: 0.02%
Today's Biggest Crypto Losers (May 12)
According to CoinMarketCap, these are the five countries that have lost the most cryptocurrencies in the last 24 hours:
PEPE
Price: $ 0.000001157 Loss in 24 hours: 36.08%
Lido DAO (LDO)
Price: $ 1.61 Loss in 24 hours: 11.82%
injectable (INJ)
Price: $ 5.64 Loss in 24 hours: 11.30%
Frax (FXS) shares.
Price: $ 5.90 Loss in 24 hours: 10.32%
Optimism (OP)
Price: $ 1.51 Loss in 24 hours: 10.28%
What cryptocurrency exchanges are saying about the current market conditions
Edul Patel, co-founder and CEO of Mudrex, told ABP Live, “Over the past 24 hours, most cryptocurrencies have shown a bearish trend. Bitcoin, in particular, traded at $26,600, down nearly 3% in the past 24 hours and 9% in the past seven days. The drop in price can be due to various factors. First, bitcoin fees fell after several days of choppy prices, delaying selling by market participants. The rest of the cryptocurrency market's losses largely follow Bitcoin's trend, repeating the price moves despite larger price swings due to the smaller market cap.
Rajagopal Menon, Vice President of WazirX, said, “Bitcoin's moving average is biased to sell as the token experiences significant price corrections. The memcoin craze has died down and more and more web2 companies are moving to web3 to offer different services based on market demand.
Satvik Vishwanath, CEO and co-founder of Unocoin said: “Producer price growth came in below expectations, while the services index rose by 0.3%. The increase in the number of applications for unemployment benefits to 264,000 indicates that there are difficulties in the labor market. Bitcoin price stands at $26,938.02 and is down 3.43% in 24 hours. The $26,800 Fibonacci retracement level has been reached. A breach would result in a “sell” at $25,450 and another potential drop to $24,000. RSI and MACD indicate a selling trend. However, a bullish uptrend could be a target above $28,400 or $29,850 for the BTC/USD pair.
BuyUCoin CEO Shivam Thakral said, “Cryptocurrency market cap is down 2.46% and stands at around $1.11 trillion.” The bearish trend in the cryptocurrency market was led by heavyweights BTC and ETH, which fell by 2.71% and 2.78%, respectively. The cryptocurrency market has not benefited much from the positive inflation data as interest rates are up 500 basis points since the US Federal Reserve launched an aggressive inflation control strategy and it will take time for interest rates to come down from current levels.
Research group CoinDCX told ABP Live, “The cryptocurrency market saw a brief surge in bitcoin (BTC) following the release of US inflation data, but fell more than 5% in the 30 minutes following the release of US inflation data. . . The government sells 9800 BTC. On the bright side, the number of bitcoins held on digital asset exchanges fell to 5.84%, its lowest level in five and a half years. This suggests that more and more holders are choosing to store their cryptocurrencies in cold wallets rather than turning to exchanges. The numbers were last lower in December 2017, suggesting a possible change in behavior among long-term homeowners. This trend can lead to more security and stability in the market.”
Disclaimer: Crypto products and NFTs are unregulated and can be very risky. There may be no legal protection for losses arising from such transactions. Cryptocurrency is not legal tender and is subject to market risk. Readers are advised to seek professional advice and to read the offering document(s) and related documents before investing. Predictions about the cryptocurrency market are speculative and any investment is made entirely at the expense and risk of the readers.