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Cryptocurrency rate today: The bloodbath in the global cryptocurrency market extended for another day on Wednesday, May 11, as major cryptocurrencies continued to lose value amid volatile markets. Terra lost its position in the top 10, slipping several places as its stable value of $88 fell to just $4, after the cryptocurrency lost more than 85 percent of its value. On the other hand, the global Cryptocurrency market 4.89 percent standing at $1.39 trillion at the time of writing.
Bitcoin It fell below $30K levels on Tuesday, but recovered to stand at $3,1374.17 at the time of writing. However, today’s bitcoin price is down 0.85 percent in the past 24 hours, according to data from CoinMarketCap. On the other hand, the price of Ether today settled at $2,386.08, up by 0.40 percent over the past 24 hours.
“After a major correction that sent bitcoin below $30K, it appears that bitcoin has bounced back to the edge above $31,000 as market sentiment calmed a bit of fear. On the daily time frame, the bitcoin trend is on the verge of collapse. Below the long triangle pattern, the trend could bounce off this support level. However, if the chart breaks below the pattern, the next support for BTC can be expected at $28,600,” WazirX Trade Desk said.
“Even as the price of bitcoin stabilized around the $30K level, data from the glass node indicated a significant increase in the volume of bitcoin transfers to exchanges. This means that many traders were transferring their bitcoins to exchanges for sale. Similar to how BTC’s correlation is restricted. With the S&P 500 index of asset recovery, ETH’s correlation with BTC has led to altcoins trading closely with BTC, Darshan Bateja, CEO and co-founder of Fold, told news18.com.
“Terra (LUNA) has been in a whirlwind for a week with the coin dropping at an alarming rate. The LUNA is down nearly 85 percent in the past six days, dropping below $4 from a flat price of $88. However, Binance, one of the The largest global cryptocurrency exchange temporarily withdrawn UST and LUNA All this led to a cascading effect on LUNA prices, causing them to get out of control. The daily chart of the LUNA broke below the ascending channel pattern. Trade Desk WazirX added, “Immediate support can be expected at 4 dollars”.
Here are the top 10 cryptocurrencies and their prices on May 11, 2022 (according to data from coinmarketcap.com)
Bitcoin $3,1374.17 or 0.85 percent loss in the past 24 hours
Ethereum $2,386.08 or 0.40 percent in the last 24 hours
Limit 0.9998 USD or 0.02 percent loss in the last 24 hours
BNB $310.85 or 3.55% loss in the last 24 hours
USD Coin gained $1 or 0.05 percent in the last 24 hours
XRP $0.5127 or 1.23% loss over the past 24 hours
Cardano $0.6531 or 2.66 percent loss in the last 24 hours
Solana $64.72 or 6.61 percent loss in the past 24 hours
Binance gains $1 or 0.12 percent over the past 24 hours
Dogecoin $0.1075 or 5.19 percent gain in the last 24 hours
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