Crypto Daily Recap on 27.05.21
Well, from the recent dip in the cryptocurrency market, there has been a bit of recovery in recent days. But, the recovery point is not significant enough yet.
As of today, the Bitcoin price has failed to stay above the $40,000 mark. However, it has made few attempts to surpass the $40k threshold even trading close to $41k but did not stay there for too long. It has again dropped from that positive mark. Its downside correction in the present condition has seen Bitcoin trading for well below the $38k mark for now.
As for some altcoins, Ethereum reached the $2,900 mark but again dropped down to the $2,700 mark. The Ripple XRP has not crossed the $1 mark yet as of now.
As you can see, there seems to be some pickup but not much of staying there. The fluctuation in value can be seen due to major market correction. There is high hope that all the cryptocurrencies will go into the positive circuit in the coming days.
Bitcoin
The recent tremendous drop in bitcoin value has raised panic in the market for crypto traders. Till today, it has failed to cross and stay above the $40k threshold. The downward trend is just like a roller-coaster going down the track breaking the $38k support threshold. It has even been traded below the $38 dollar mark setting the next support threshold to $36k. If the drop still continues then it may lead to $35k.
The statistical numbers show that Bitcoin growth has tremendously dropped in 2021. Other currencies like Ethereum have gained a growth rate of 280%. Hence, there is high speculation that Ether is literally crushing the Bitcoin market.
Ethereum
The second most popular and valued cryptocurrency in the market still holds a high growth rate even though the recent drop in value. As of today, it has failed to cross and stay above the $3000 mark. It has reached up to the $2,900 level but shows the downward trend from there. There are also the trading done below the $2,750 support threshold.
There is high speculation that value will increase due to recent development and interesting inclusions in Ethereum tech. The next major resistance is near the $2,880 and $2,900 levels.
BNB, LTC, DOGE, and XRP
BNB has failed to stay atop $385 threshold as it trades below $350 support mark.
LTC reached near the $200 threshold as it corrected gains. But, the recent drop in the market does not pardon it as well. The recent low trade was well $185 and might touch $175 if the drop continues. But, it has consistently remained close to the $200 mark which shows a strong root for recovery.
Dogecoin the low price cryptocurrency made powerful by the tweets of Mr. Musk has been in the mouths of many crypto traders. As of now, it has shown a climb to $0.350. Though there was a push, it failed to reach $370 mark. This has caused a downward trend and the price tested the USD 0.335 support threshold. The speculation shows there may be some decline before it picks back up.
Ripple XRP which gained a good value recently also has dropped back below the $1 mark. It has failed to atop the $1.05 mark. There was trading done at the $0.920 support level threshold. The speculation shows there might still be some downward trend going to the $0.850 mark. But as it stands, the growth zone remains at the $1 mark.
Overall, a major fall has been seen in the Bitcoin market from its high-value threshold at the end and beginning of 2020/2021. The recent drop in the market has been a huge blow for bullish trends as the bear tread is taking control.
