A day after showing indications of recovery, the global crypto market valuation has dropped again to $1.26 trillion. The crypto market size has been trapped in the $1.24-$1.31 trillion region for several days, showing the difficulties to break beyond this barrier.
On Monday, the global crypto market value had risen to $1.31 trillion, up 3.66 percent from the previous day, while other leading crypto prices also rose. However, Monday's crypto gains had evaporated throughout the night, according to CoinMarketCap statistics as of this writing (May 24, 7.30 a.m.).
Over the previous 24 hours, the global cryptocurrency market volume surged 37.22 percent to $84 billion. The overall volume in Defi was $9.62 billion, accounting for 11.46 percent of the entire 24-hour activity in the crypto market. Stable coin volume was $73.70 billion, accounting for 87.74 percent of the 24-hour crypto market volume.
Bitcoin's price went below $30,000 once more in the previous 24 hours, falling by more than 3%. Meanwhile, Bitcoin's dominance as the leading crypto asset fell by 0.36 percent on the day, to 44.22 percent. In the previous seven days, the overall Bitcoin price has fallen by 2.44 percent. At the time of writing, the price of Bitcoin was $29,227.
"The cryptocurrency market battled to remain positive as sellers dominated the market to begin the week." Tether has paid $10 billion in withdrawals since the crypto market's inception, indicating large-scale liquidations throughout the crypto market by investors looking to rebalance their portfolios, according to Shivam Thakral, CEO of BuyUcoin.
"The cryptocurrency market is projected to remain in a negative trend for some time, and most investors will remain in a wait-and-see attitude," he said.
"Bitcoin and other cryptocurrencies surged on Monday when a well-known fashion company Balenciaga announced to accept crypto payments but sank later in the day," said Edul Patel, Co-Founder, and CEO of Murex. Bitcoin is presently selling at US$29,200, its lowest level since January 2021. BTC is expected to go below the present level, putting its support to the test once more."
"Since April, BTC has been in a negative consolidation owing to several macroeconomic issues, including Terra's collapse." "It appears that investors and institutions have taken a breather and are cautious to return to the market," Patel added.
Ethereum (ETH): In the previous 24 hours, the price of Ethereum fell by 2.17 percent, falling below the $2000 level to $1985.
Binance (BNB): The price of the Binance Chain token climbed by 1.89 percent in the previous 24 hours to $325.
XRP: The price of the XRP currency fell 2.33 percent in the previous 24 hours to $0.4106.
Solana (SOL): In the past 24 hours, the price of Solana fell by 4.66 percent to $49.71.
Cardano (ADA): In the previous 24 hours, the price of the Cardano coin fell by 4.07 percent to $0.5171.
Dogecoin's (DOGE) price has dropped by 1.9 percent in the previous 24 hours.
Meanwhile, Polkadot (DOT) and Avalanche (AVAX) prices fell by 0.34 percent and 5.93 percent, respectively, in the previous 24 hours.