TL; DR Breakdown
Bitcoin’s price has been dumping since the bear market began.
The market capitalization of Ethereum is $242,753,693,734.70.
Next month will be a month for day traders if the bulls will control the crypto market.
The cryptocurrency bear market began on May 23, this was a week after Tesla CEO Elon Musk dropped bitcoin as a payment method. Since then, the overall cryptocurrency market has been bearish. The bearish momentum is expected to continue throughout this month as we welcome a bullish market next month.
This is the best time to buy digital assets for those who are not day traders. All the digital assets are down in significant percentages. Next month will be a month for day traders if the bulls will control the crypto market.
Bitcoin (BTC)
Bitcoin’s price has been dumping since the bear market began. The largest digital asset has dropped by half of its all-time high of $63,745. Today Bitcoin is trading a few dollars above $32K.
Analytics service Econometrics posted a tweet saying that the bitcoin volatility is dropping as the coin's price also has fallen. The analyst service said this bear market is one of the longest that the giant asset has experienced. They added that the market is almost similar to what 2013 market, and if the trend continues, Bitcoin's price will remain around $30K for a while.
Ethereum (ETH)
Ether is the second-largest digital asset in terms of market cap. The market capitalization of Ethereum is $242,753,693,734.70. The second-largest virtual currency is currently trading at few dollars above $20K. A few days ago, ethereum was trading slightly below $20K. Crypto investors should buy Ethereum and wait for the coin to surge in the expected bull market.
Binance coin (BNB)
Binance coin is the original token of the Binance exchange and, at the time of this writing, has a market capitalization of nearly $50,000,000.000. Before the recent virtual currency crash, Binance performed excellently and saw an incredible $690 all-time high. Experts expected to sell prices about 1000$ before the end of the year. However, the Binance coin followed the bear market trend that saw its way back n may. At the time of writing, the Binance coin is trading at $296.
Cardano (ADA)
Cardano was developed back in 2017, aiming to support peer-to-peer transactions as well as Decentralised Applications. Cardano's total market cap is at 38.44 billion making it fifth on the rank in terms of market capitalization. Like other virtual currencies, Cardano was trading well before the recent market crash.
On May 16, 2021, ADA rose from a low of $0.181 to an all-time high of $2.46. After three days of ATH, ADA collapsed to about $1.00, which is about a 57 percent drop.
Dogecoin (DOGE)
Dogecoin is a joke coin designed for laughter. It began as a joke but is now among the top cryptos with a market capitalization of approximately $25 million.
The adoption was further enhanced when Elon Musk tweeted about the coin, and Snoop Dog tweeted. Following the recent $0.18 gain to $0.7376 ATH on May 8, Dogecoin's price dropped to as low as $0.22.