Bitcoin price today dipped below the $30,000 mark after hovering around the level for the past few sessions. The world’s largest and most popular cryptocurrency is down 0.8% and was trading at $28,714.83. The token is down 36% so far this year and has led the decline in digital assets across the crypto spectrum, with the world’s largest token losing its eighth consecutive weekly loss in its longest such decline since August 2011. has been set for.
ether, the second largest cryptocurrency On Saturday morning, trading was down 0.9% at $1,731.20. However, Dogecoin was trading up 5.3% today at $0.081621 and the Shiba Inu also rose 1.6% to $0.000001052. The global crypto market cap is at $1.24 trillion today, down 1.1% over the past 24 hours and total crypto trading volume is $102 billion since yesterday.
Cardano, on the other hand, was down 2.1% on Saturday to trade at $0.452141, while Solana was down 4.1% to trade at $40.69, based on data from CoinGecko.
During this, Bitcoin The Federal Reserve is witnessing this roller coaster in the wake of a macro headwind of monetary tightening and crypto-specific declines from the impact of this month’s TeraUSD algorithmic stablecoin, which continues to weigh on digital assets, particularly those related to decentralized finance. Overall, the crypto market has lost nearly $500 billion in market cap so far in May, a 29% drop.
Cryptocurrencies declined even as riskier assets such as stocks rose, marking a break from their recent lockstep relationship and a sign of volatile confidence that could paint a worrying trend.
With altcoins being hit hard by the collapse of Terra, bitcoin now boasts a substantial share of the cryptosphere, accounting for 44% of the total market cap. Based on data from CoinGecko, this is the highest it has been since October, just before the peak of the latest bull run. But that’s not the case with bitcoin: it is now down nearly 60% from its all-time high in November, although it has generally traded in the $28,000 to $30,000 range over the past few weeks.