cryptocurrency price today: Top cryptocurrency prices today: Cardano, Solana, Bitcoin, Avalanche zoom up to 19%

Synopsis

The global cryptocurrency market cap was trading sharply higher at the $1.31 trillion mark, rising close to 3 per cent in the last 24 hours. However, the total cryptocurrency trading volume dropped about 10 per cent to $78.40 billion.

New Delhi: After witnessing deep cuts in the last one week, major crypto tokens scripted a minor recovery even as gloomy sentiments continued to prevail.

The crypto tokens were badly hammered last week amid geopolitical unrest, rising inflation rates and the explosive failure of Terra (LUAN) which hurt the sentiments. Tokens in the last few sessions, however, scripted mild recovery from recent lows.

All the tokens in the top 15 list were trading higher on Monday. Cardano rallied about 14 per cent, followed by a 12 per cent rise in Solana. Avalanche zoomed 7 per cent and BNB advanced 5 per cent.
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The global cryptocurrency market cap was trading sharply higher at the $1.31 trillion mark, rising close to 3 per cent in the last 24 hours. However, the total cryptocurrency trading volume dropped about 10 per cent to $78.40 billion.


What’s cooking in India
Most investors have seen their portfolios sink deep into the red as the carnage continues in the crypto market due to a confluence of factors including inflation, rising interest rates, the Ukraine-Russia conflict, volatility in stable coins, and the recent crash of the Terra ecosystem.

Indian retail investors are not the only ones weathering the impact of the breakdown of Terra, a blockchain that ran “algorithmic” stable coins Luna and UST.

Indian venture capital firms that had exposure to the Terra ecosystem have also taken a hit amid a broader crash in the cryptocurrency market.

Expert take
As the price of BTC fell below $30,000, Bitcoin whales thought of this as a buying opportunity and bought around $1.2 billion worth of Bitcoins, said WazirX Trade Desk.

“About $1.2 billion worth of Bitcoins were moved from Coinbase to unknown wallets simultaneously, this means that the whales are buying the dip where the fear and greed index is around 10, which is extreme fear,” it added.

Global updates
Terraform Labs founder Do Kwon, in a forum post submitted 30 minutes ago, proposed a “Terra Ecosystem Revival Plan.” Kwon’s plan amounts to a restart of the entire Terra blockchain.

Cryptocurrency-exposed equities were rallying strongly Friday after a rough downturn this week caused by falling crypto prices, weak earnings and stablecoin fears.

Tesla’s CEO Elon Musk said he is committed to his $42 billion takeover of social media giant Twitter after putting it on hold earlier on Friday.

Tech View by Proassetz Exchange
BTC dumps hard last week and touched the $26,000 level, and bounced back by creating strong support of $28000, withholding the daily support of $28,000 very well so far.

BTCET CONTRIBUTORSThe weekly close also confirmed the support level. If this turns out to be major support and crosses the $32,000 mark with good volumes then bulls can take control from here. Any range bound movement between $30,000 to $32,000 can also turn out to be a good stable zone.

(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.) Presented By

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Updated: 05/16/2022 — 02:00