Cryptocurrency prices are falling today! After coming close to $70,000 the day before, Bitcoin fell to $68,000. Likewise, Ethereum fell back below the $3,900 mark. Only a few altcoins like Solana and memecoins such as Shiba Inu, BONK and FLOKI are doing well.
Bitcoin and the bearish trend of the crypto market
The total crypto market value fell by 0.58% to $2.57 trillion on May 28. However, the volume of transactions over 24 hours increased by 43.08% to 87.7 billion, a sign of renewed activity despite the downward trend!
Bitcoin remains very volatile in its accumulation phase. It thus lost 1.29% to fall to $68,139.23 today, after having oscillated between $67,746.41 and $70,597.88. Despite this, its capitalization still exceeds 1.3 trillion dollars, for a daily volume of 28.17 billion. As for Ethereum, it also suffered strong fluctuations, reaching a low of $3,826.20 despite the recent approval of a spot Ether ETF. Currently, ETH is trading at $3,832.82, down 2.37%.
The unexpected rally of memecoins
While major cryptos like Bitcoin and Ethereum are failing, one category stands out: memecoins! The Shiba Inu star gained an additional 1.16% compared to yesterday, at $0.00002488. But the real champions of the day are FLOKI and BONKthe two canine projects which monopolize the top of the podium.
This is a great demonstration of the resilience of these popular and fun cryptos! Their fan communities remain insensitive to market ups and downs. A lesson in optimism for investors tempted by pessimism?
In short, this eventful day illustrates the inherently volatile nature of the crypto market. Far from discouraging seasoned investors, these ups and downs are an opportunity to find the best opportunities. Whether it's Bitcoin, large established altcoins or trendy memecoins, the main thing is to keep your cool and follow a thoughtful long-term strategy.
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