The crypto market has been experiencing a roller coaster ride in the recent past, with Bitcoin and Ethereum struggling to maintain their positions above key levels. However, as of today, Bitcoin has managed to hold above the critical $29k mark, while Ethereum is trading above $1,900. On the other hand, altcoins are mixed, with some rising while others are experiencing a downturn.
Bitcoin, which is the leading cryptocurrency by market capitalization, has been enduring a rough time in recent weeks as investors continue to grapple with Elon Musk’s tweet-related volatility. The asset’s price recorded a series of sharp drops, with the dip reaching an alarming 50% between May 12 and May 18. However, since then, it has rebounded to reach $40k on June 15. Unfortunately, it’s been a bumpy ride since then, with the asset failing to break the $40k mark and crashing once again.
However, despite the downward trend experienced over the last few weeks and the recent volatile market, Bitcoin is holding strong at above $29k as of 23 June, marking a high of 7.2% growth over the past 24 hours.
On the other hand, Ethereum, which is the world’s second-largest digital asset, has shown impressive resilience. It has experienced price fluctuations as well, but nothing as drastic as Bitcoin’s. Ethereum reached an all-time high of $4,380 on May 12 before dipping to a low of $1,900 on May 23. The asset has been steadily rising since then, and as of June 23, is trading at around $1,978, marking a 4.8% increase over the past 24 hours.
Despite the mixed fortunes experienced by Bitcoin and Ethereum, the cryptocurrency market has been recording positive developments. This includes the increasing adoption of Bitcoin by enterprises and institutions- Tesla has confirmed that it will again accept Bitcoin as a payment option once the asset becomes more environmentally friendly- and the growing interest in the technology behind Ethereum.
Some altcoins have also been on the rise in the last few days. For instance, BinanceCoin (BNB) is up by over 5% in the past 24 hours, and Cardano (ADA) has recorded an increase of 16.5% over the same period, while XRP has been lagging behind, with a decrease of 4.2% over the last 24 hours.
Despite the growth experienced by the altcoins, there are underlying concerns regarding their longevity and their long-term sustainability since they tend to be very volatile. For instance, Dogecoin, a popular altcoin, lost over 50% of its value within a matter of days following a series of tweets from Elon Musk.
In conclusion, the crypto market has been experiencing mixed fortunes, with Bitcoin and Ethereum struggling to maintain a steady upward trend. Nonetheless, investors remain optimistic about the future of cryptocurrencies, and we continue to observe an increasing interest in the underlying technology behind these digital assets.
Top crypto tokens are experiencing rangebound trading on Friday as the US banking crisis renews and macroeconomic signals suggest a slowdown of China’s economy. Amidst this backdrop, the Polygon (MATIC) token is showing a bullish trend with support levels forming near $0.96.
The 20-day EMA for MATIC is currently at $0.98, indicating a change in sentiment, and once the token breaks the key resistance level of $1.04, it can experience a considerable rally. However, if the token faces downwards momentum, the support zone at $0.96 will likely offer strong support.
Despite MATIC’s bullish trend, its movement is likely to be heavily correlated with Bitcoin’s price action.
As the renewed banking crisis in the US and China’s slowing economy sway the crypto market, analysts recommend consulting a financial advisor before taking any position in the asset(s) mentioned.
