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The cryptocurrency market faced a new wave of selling pressure on May 28 when the price of Bitcoin (BTC) fell to $ 35,100 and traders generally seem uninterested in buying the drop before the weekend.
Despite the downward movements seen in the market over the past two weeks, institutional investors have for the most part remained steadfast in their determination to stay committed to cryptocurrencies, but the absence of ‘we bought the dip’ announcements makes retail traders wonder if the price of Bitcoin has more downsides.
BTC / USDT 4-hour chart. Source: TradingView
While some analysts see the possibility of Bitcoin falling as low as $ 20,000 as the worst case scenario, the overall BTC price trajectory remains skewed to the upside with the weekly trend of higher lows still intact.
#BTC has already settled at a higher low on the weekly
Now $ BTC is struggling to preserve its series of higher lows on the #Crypto daily #Bitcoin
– Rekt Capital (@rektcapital) May 28, 2021
Altcoins Fall Alongside Bitcoin
Altcoins also fell sharply on Friday, as market uncertainty ahead of Memorial Day weekend led to low volume and the current risk-off environment lessened the impact of major announcements such as Polygon (MATIC) which integrates your data sets on Google Cloud technology.
1 / We are very excited to share that we have completed an integration of the Polygon datasets into @GoogleCloudTech #BigQuery!
This means you can query Polygon datasets, run analytics, and extract information using Google’s #BigQuery platform. https://t.co/lKNcv7ru2D pic.twitter.com/U1HGDTqo8L
– Polygon (formerly Matic) (@ 0xPolygon) May 28, 2021
Despite the pullback across the market, there were some tokens that managed to rally. Helium (HNT) surged 28% to a new all-time high of $ 23.01 following a tweet announcing that the project had surpassed 45,000 active access points worldwide that provide decentralized wireless coverage for Internet of Things devices. (IoT).
45,000 Hotspots Now Provide Decentralized Wireless Coverage On #ThePeoplesNetwork! pic.twitter.com/woXdMOkOGc
– Helio (@helio) May 28, 2021
MaidSafeCoin (MAID) also saw a 20% rally to hit an intraday high of $ 0.52 after the launch of its v2 testnet and Zcash (ZEC) gained 5% and is now trading at $ 159.
Daily performance of the cryptocurrency market. Source: Coin360
The overall cryptocurrency market capitalization is now $ 1.567 trillion and Bitcoin’s dominance rate is 42.8%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and business move involves risk, you should do your own research when making a decision.
