The Crypto Market Today – 28 May 2021

Types of Cryptocurrencies

It is another mixed day for major cryptocurrencies. Bitcoin would have to move to the $40,000 support to stage a recovery from Thursday declines.

Bitcoin

On Thursday, BTC/USD pair drop by 1.95%. With a partial 2.42% uptick from Wednesday, the leading digital coin ended the day trading at $38,537.0.

You will have to accept that BTC is highly volatile now due to the happenings in the crypto market. The virtual coin received high critics over the past week from countries such as China and influential individuals like Elon Musk.

A diverse start saw BTC declining to $37,221.0 intraday low before gaining. BTC has had challenges to achieve new highs since its record value back in April.

Bitcoin declined through its $37,807 major support zone before rising to $40,500.0 high afternoon intraday.

Despite failing to hit its first resistance at $40,840, Bitcoin declined to sub-39,000 and eventually in the red zone.

The world’s best virtual coin failed to achieve a short-term bullish attitude, even after declining to the $30,000 sub levels. Bitcoin may require a continued decline through the $27,237 from a 62% Fibonacci retracement for a short-term bearish move.

Other Markets

Thursday was a mixed day for the rest of the markets.

Crypto.com coin rose by 4.21% to resist the trend.

Chainlink with -6.86 % and Cardano having -7.02% had high declines of the day.

Ripple and Ethereum struggled too, with -5.79% and -4.98% respectively.

Other digital assets with relative losses include BNC (-2.56%), BCH (-1.78%), LTC (-2.43%), and DOT (-0.39%).

Keep in mind that the entire crypto market cap decreased to a $1,369 billion low on Monday before recovering to a $1,786 billion high on Wednesday. While publishing this content, the total crypto market capitalization stands at $1,681 billion.

BTC dominance increased by 47.06% on Monday before declining to a 42.68% low on Thursday. When writing this, BTC dominance stands at 43.23%

This Morning

When writing this, BTC trades at $38,855.9, a 0.83% uptick. However, with the mixed start, BTC falls to $38,100.0 low before gaining $38,889.0 highs. The digital asset left the resistance and support levels untested earlier.

The rest of crypto had a bullish attitude, LTC increasing by 1.70%.