Crypto Crash Latest News Update 5/24: Top cryptocurrency prices fall again; Bitcoin, Ethereum, Solana, Cardano in the RED

Crypto Crash News and Top Cryptocurrency Prices Today: The global crypto market cap has crashed again to $1.26 trillion, a day after showing some signs of recovery. For the last several days, crypto market cap has been stuck in the $1.24-$1.31 trillion range, indicating the struggle to break beyond this barrier.

On Monday, the global crypto market cap had jumped to  $1.31 trillion, rising 3.66% over the last day, as several top crypto prices also witnessed upward movements. However, Monday’s crypto gains have vanished over the night, data on CoinMarketCap at the time of writing (May 24, 7.30 am) shows. 

The global cryptocurrency market volume over the last 24 hours increased 37.22 percent to $84 billion. The total volume in DeFi was $9.62 billion, which is 11.46% of the total crypto market 24-hour volume. Stable coins volume was $73.70 billion, which is 87.74% of the total crypto market 24-hour volume. 

Bitcoin price fell below $30,000 again, decreasing by over 3 percent in the last 24 hours. Meanwhile, Bitcoin’s dominance as top crypto asset also decreased by 0.36% to 44.22% over the day. Overall Bitcoin price has decreased by 2.44% in the last 7 days. At the time of writing, Bitcoin price was $29,227.

“The crypto market struggled to stay in the green as sellers dominated the market to open the week. Tether has paid $10 billion in withdrawals since the crypto market which indicates large-scale liquidations across the crypto market by the investors to recalibrate their portfolio,” Shivam Thakral, CEO, BuyUcoin, said.

“The crypto market is expected to stay in a bear phase for some time and most the investors will stay in a wait and watch mode,” he added.

Investors hesitant to return to the market?

Edul Patel Co-Founder and CEO of Mudrex, said, “Bitcoin and other cryptocurrencies rallied on Monday after a well-known fashion brand Balenciaga announced to accept crypto payments but fell later in the day. BTC is currently trading at US$29,200, which is the lowest since January 2021. It is likely that BTC may break below the current level testing its support once again.”

“Since April, BTC has been on a bearish consolidation due to several macroeconomic factors and Terra’s collapse adding to it. It seems like investors and institutions have paused and are a little hesitant to return to the market,” Patel added.

Top Crypto Prices

Several top crypto prices have dropped  in the last 24 hours. Take a look:

Ethereum (ETH): Ethereum price decreased by 2.17% as it once again dropped below the $2000 mark to  $1985 in the last 24 hours. In the last 7 days, ETH price has decreased by 2.50%. It is currently ranked second largest crypto asset in terms of market capitalisation.  

Binance (BNB): Binance Chain coin’s price  increased by 1.89% to $325 in the last 24 hours. In the last 7 days, BNB price has increased by 8.26%. It is currently ranked as fourth biggest crypto asset in terms of market capitalisation.  

XRP: XRP coin’s price decreased by 2.33% to $0.4106 in the last 24 hours. In the last 7 days, XRP price has decreased by 4.38%. It is currently ranked as 6th biggest crypto asset in terms of market capitalisation.  

ALSO READ | Will crypto rise again in 2022 after crash?

Solana (SOL): Solana price decreased by 4.66 to $49.71 in the last 24 hours. In the last 7 days, SOL price has decreased by 9.06%. It is currently ranked as 9th biggest crypto asset in terms of market capitalisation.  

Cardano (ADA): Cardano token’s price decreased by 4.07% to $0.5171 In the last 24 hours. In the last 7 days, ADA price has decreased by 8.02%. It is currently ranked as 8th biggest crypto asset in terms of market capitalisation.  

Popular memecoin Dogecoin’s (DOGE) price decreased by 1.9% in the last 24 hours. DOGE is currently ranked 10th in terms of market capitalisation. The price of DOGE at the time of this report was $0.08397.

Meanwhile, prices of Polkadot (DOT) and Avalanche (AVAX) decreased by 0.34% and 5.93 per cent in the last 24 hours respectively. DOT and AVAX are currently ranked 11th and 13th on CoinMarketCap. Polygon (Matic) price decreased by 3.27% to $0.6463 in the last 24 hours. It is currently ranked 17th on CoinMarketCap. 

(Cryptos and other virtual digital assets are unregulated in India. They are considered extremely risky for investment. Please consult your financial advisor before making any investment decision)


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