Bitcoin Declines Below $35,000 as Negative Sentiment Rises May 29, 2021 May 29, 2021 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Bitcoin NewsMay 29, 2021 by Kelly Cromley

Bitcoin Declines Below $35,000 as Negative Sentiment Rises

On May 28, the cryptocurrency market was hit by a another round of profit booking as the value of Bitcoin (BTC) fell near $35,100, and traders were uninterested in buying the fall prior of the weekend.

Notwithstanding the market’s recent downturns, fund managers have remained steadfast in their commitment to cryptocurrencies, but the lack of “we bought the drop” headlines has regular traders speculating on further decline in the price of Bitcoin.

Although some experts believe the worst-case situation for Bitcoin is a drop below $20,000, the general price direction of BTC stays biased to the upward, with the weekly pattern of higher lows remaining stable.

Market anxiety before the Memorial Day weekend resulted in minimal trading on Friday, as the present risk-averse atmosphere lessened the effect of important news like Polygon (MATIC) merging its datasets into Google Cloud technology.

Notwithstanding the market’s overall decline, a few tokens succeeded in gaining ground. After a tweet reporting that the venture has reached 45,000 functional hotspots globally that provide decentralized network access for internet of things (IoT) devices, Helium (HNT) soared 28% to a fresh all-time peak of $23.01.

Following the introduction of its v2 testnet, MaidSafeCoin (MAID) experienced a 20% climb to an intraday high of $0.52, and Zcash (ZEC) gained 5% and currently trades at $159.

The total cryptocurrency market capitalization is currently $1.567 trillion, with Bitcoin commanding 42.8% market share.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.