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Cryptocurrency prices are falling today. After approaching $70,000 the day before, Bitcoin has fallen to $68,000. Similarly, Ethereum has dropped below the $3,900 level. Only a few altcoins such as Solana and meme coins such as Shiba Inu, BONK, and FLOKI stand out.
Bitcoin and Crypto Market Bearish Trend
The overall cryptocurrency market value fell 0.58% to settle at $2.57 trillion on May 28. However, 24-hour trading volume increased 43.08% to $87.7 billion, indicating a resurgence in activity despite the downward trend.
Bitcoin is in an accumulation phase and remains very volatile. After fluctuating between $67,746.41 and $70,597.88, it fell 1.29% to $68,139.23 today. Nevertheless, the market cap is still over $1.3 trillion with a daily trading volume of $28.17 billion. Ethereum has also experienced significant volatility, hitting a low of $3,826.20 despite the recent approval of a spot Ethereum ETF. Currently, ETH is trading at $3,832.82, down 2.37%.
The unexpected rise of meme coins
As major cryptocurrencies like Bitcoin and Ethereum slumped, one category stood out: meme coins. The star, Shiba Inu, rose another 1.16% compared to yesterday and is currently at $0.00002488. But the real champions today are the two dog projects that topped the charts: FLOKI and BONK.
It's a great example of the resilience of these popular and fun cryptocurrencies, whose fan communities are not immune to market fluctuations. Perhaps it's a lesson in optimism for investors tempted by pessimism?
So, this tumultuous day shows the inherently volatile nature of the cryptocurrency market. Far from discouraging experienced investors, these ups and downs are opportunities to find the best ones. Whether it’s Bitcoin, a major established altcoin, or a trending meme coin, the key is to stay calm and follow a well-thought-out long-term strategy.
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Evolving and adapting to the world is the best weapon to survive in this world. Cryptocurrency Community Manager. Interested in Blockchain and all its derivatives. Sharing my experience has allowed me to know the area I am passionate about and to compile and digitize information.
Disclaimer
The views, thoughts and opinions expressed in this article are those of the author and should not be taken as investment advice. Please conduct your own research before making any investment decisions.
