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Bitcoin drops dramatically! The altcoin market is struggling!

Tue 28 May 2024 ▪ 3 min of reading ▪ by Eddy S.
Regulation Crypto

Cryptocurrency prices are down today! After nearing $70,000 the day before, Bitcoin has pulled back to $68,000. Similarly, Ethereum has dropped below the $3,900 mark. Only a few altcoins like Solana and meme coins such as Shiba Inu, BONK, and FLOKI are standing out.

Bitcoin Crypto Altcoins Mèmecoins

Bitcoin and the Bearish Trend of the Crypto Market

The total crypto market value has retreated by 0.58% to settle at $2.57 trillion on May 28. However, 24-hour trading volume has surged by 43.08% to $87.7 billion, indicating a resurgence in activity despite the downward trend!

Bitcoin remains highly volatile in its accumulation phase. It has lost 1.29% to fall to $68,139.23 today, after oscillating between $67,746.41 and $70,597.88. Despite this, its market cap still exceeds $1.3 trillion, with a daily volume of $28.17 billion. As for Ethereum, it has also experienced significant fluctuations, hitting a low of $3,826.20 despite the recent approval of a spot Ether ETF. Currently, ETH is trading at $3,832.82, down 2.37%.

The Unexpected Rally of Meme Coins

While major cryptos like Bitcoin and Ethereum are faltering, one category stands out: meme coins! The star Shiba Inu has gained an additional 1.16% compared to yesterday, now at $0.00002488. But the real champions of the day are FLOKI and BONK, the two canine projects that top the charts.

It’s a great demonstration of the resilience of these popular and fun cryptos! Their fan communities remain unaffected by market fluctuations. A lesson in optimism for investors tempted by pessimism?

In short, this tumultuous day illustrates the inherently volatile nature of the crypto market. Far from discouraging seasoned investors, these ups and downs are opportunities to discover the best opportunities. Whether with Bitcoin, major established altcoins, or trendy meme coins, the key is to keep a cool head and follow a well-thought-out long-term strategy.

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Eddy S. avatar
Eddy S.

Le monde évolue et l'adaptation est la meilleure arme pour survivre dans cet univers ondoyant. Community manager crypto à la base, je m'intéresse à tout ce qui touche de près ou de loin à la blockchain et ses dérivés. Dans l'optique de partager mon expérience et de faire connaître un domaine qui me passionne, rien de mieux que de rédiger des articles informatifs et décontractés à la fois.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.