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Cryptocurrency Prices on May 9: Bitcoin dips below $28,000, Ethereum and other tokens fall

The global market cap dipped to $1.14 trillion.

May 09, 2023 / 11:49 AM IST
Cryptocurrency roundup

Cryptocurrency roundup

The cryptocurrency markets were trading in the red on Monday after a better-than-expected April US jobs data. Bitcoin (BTC) fell 2.81 percent to $28,171, whereas Ethereum (ETH) was below the $1,900 level. BTC volume in the last 24 hours stood at approximately $13.28 billion, falling 11.59 percent in the last 24 hours.

"After the US Job growth remained strong in April, Bitcoin rose to US$29,800 on Saturday. However, Bitcoin and Ethereum fell in the past 24 hours following Binance halting Bitcoin withdrawals for the second time in a day, citing large volumes," Edul Patel, Co-founder and CEO at Mudrex, said.

The global cryptocurrency market cap was trading higher around $1.16 trillion, falling 2.53 percent in the last 24 hours.

The total volume in DeFi is currently 2.82 billion, 8.45 percent of the total crypto market 24-hour volume. The volume of all stablecoins is now $29.28 billion, which is 87.74 percent of the total crypto market 24-hour volume.

The market cap of Bitcoin, the world's largest cryptocurrency, was around $545 billion. Bitcoin’s dominance is currently 47.09 percent, a loss of 0.08 percent over the day, according to CoinMarketCap.

Binance had suspended deposits and withdrawals in March due to technical issues, during that period BTC dropped by about 1 percent.

For BTC, the Exponential Moving Average for 10-day EMA indicates sell at 28,733, and the 200-day EMA indicates buy at 24,630. The Simple Moving Average for 10-day SMA indicates sell at 28,828, and the 200-day SMA indicates buy at 22,139.

Rajagopal Menon, Vice President at WazirX said, "Major market oscillators point to a neutral sentiment. The Relative Strength Index (14) sits at 47, with a neutral outlook. The Stochastic %K (14, 3, 3) at 50 and the Average Directional Index (14) at 16 indicate a Neutral outlook as well."

"The MACD Level (12, 26), at 83, indicates Sell. The Stochastic RSI Fast (3, 3, 14, 14) is Neutral at 31 and William's Percentage is Neutral at −63 as well," Menon added.

At 11.00 am on May 9, these were the prices of the top cryptocurrencies (data from WazirX):

Tether USD88.84+0.61%
WazirX Token12.80-4.04%


Moneycontrol News
first published: May 9, 2023 11:49 am