HFM information and reviews
OctaFX information and reviews
XM information and reviews
FXCC information and reviews
FxPro information and reviews
FXCM information and reviews

The crypto market is climbing out of the hole but slowly

30 May 2023 Written by Alex Kuptsikevich  FxPro Senior Market Analyst Alex Kuptsikevich

The crypto market cap has fallen by 0.5% over the past 24 hours to $1.156 trillion, as it pulled back from the extremes at the start of trading on Monday. However, the market has remained positive for the past five days. Top altcoin prices ranged from a 1.7% decline (Tron) to a 4% gain (XRP) over the day. Bitcoin failed to break above its 50-day moving average after being under pressure for most of the day on Monday. After correcting to $27.5K, the first cryptocurrency began to attract local buyers. This is a local support area in March and April, and a move higher shows the strength of the buyers.

After correcting to $27.5K, the first cryptocurrency began to attract local buyer

Ethereum broke through yesterday and is trying to hold the $1900 level today, also managing to stay above its 50-day average. Digital silver is coming out of the hole after a long consolidation, but only a consolidation above $2000 or even $2100 will allow further upside to be discussed.

News background

Former BitMEX CEO Arthur Hayes predicted a new Bitcoin rally by 2024 with a renewal of historic highs, which is unlikely to happen this year. He believes the 2024 halving will primarily drive BTC's growth. Asset management firm VanEck predicts that Ethereum will reach $11,850 by 2030, and with favourable development, ETH will be worth $51K. The forecast assumes that Ethereum will become the dominant global network for large corporate payments.

Ethereum broke through yesterday and is trying to hold the $1900 level today

The bill agreed in the US to raise the national debt ceiling makes no mention of a 30% tax on mining. The initiative, proposed in early May, was positioned as a measure to minimise the impact of climate change. The European Commission will prepare legislation for the digital euro in June 2023, ECB Governing Council member Fabio Panetta said. The document will only be given final approval by the ECB's Governing Council in October, after which preparations will begin for the introduction and initial testing of the technology.

Share: Tweet this or Share on Facebook


Key signals of crypto market revival
Key signals of crypto market revival

The crypto market has been torn, rising over 2% in the last 24 hours to $1.076 trillion. The excitement came after the approval of the Ethereum Futures ETF from Valkyrie, which will be available for trading from Friday...

29 Sep 2023

Crypto needs financial chaos for growth
Crypto needs financial chaos for growth

Crypto market capitalisation rose 0.7% in 24 hours to 1.053 trillion. This is a return to the levels seen at the end of last week. Cryptocurrencies saw increased buying...

28 Sep 2023

The crypto market is in a dilemma
The crypto market is in a dilemma

Despite the storm in the equity markets, the crypto market remains subdued, losing only 0.3% in 24 hours to $1.045 trillion. The Crypto Market Fear and Greed Index is dipping into...

27 Sep 2023

The crypto market is losing ground but slowly
The crypto market is losing ground but slowly

The positive correlation between cryptocurrencies and the stock market is temporarily back on track. The crypto market capitalisation approached 1.05 trillion...

26 Sep 2023

Crypto market seeks local support
Crypto market seeks local support

Crypto market capitalisation fell to $1.04 trillion from $1.06 at the start of last week. The Crypto's Fear and Greed Index briefly dipped into Fear territory at the end of the week but returned to Neutral (47) on Monday...

25 Sep 2023

Ethereum and Bitcoin are ready to dive
Ethereum and Bitcoin are ready to dive

The crypto market capitalisation has fallen to $1.056 trillion, losing around 0.9% in the last 24 hours. The main pressure on the market came from outside, as equity indices fell, with the US market losing a further 1.8% on the Nasdaq...

22 Sep 2023

MultiBank Group information and reviews
MultiBank Group
Vantage information and reviews
FP Markets information and reviews
FP Markets
Just2Trade information and reviews
AMarkets information and reviews
IronFX information and reviews

© 2006-2023 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.