News View Non-AMP

Unlocking the Secrets Behind Today’s Crypto Market Plunge: Expert Analysis Revealed!

Published by
Qadir AK

Cryptocurrency markets faced a substantial decline on May 10 and even today as the Total Crypto Market Cap (TOTALCAP) and Bitcoin and Ether are both failing to bounce back.

Evaluating TOTALCAP and Bitcoin’s Struggles

The overall cryptocurrency market cap, represented by TOTALCAP, has been on a downward path since April 14, dipping below the significant $1.16 trillion threshold. This level was confirmed as a resistance point twice, first on April 26 and again on May 6, indicating bearish sentiment in the market. Generally, such breakdowns followed by validations of resistance levels lead to even more pronounced declines.

Despite a brief bounce on May 10, the presence of long wicks on both ends of the candlestick chart suggests a lack of clear direction. If the market continues to drop, the next support area is anticipated to be around $1.03 trillion.

Bitcoin’s Recovery Hindered by False Sale Rumors

At the time of writing, BTC was trading at $27,473. The cryptocurrency experienced a sudden sell-off just a day before, momentarily dropping to $26,850 due to the unfounded claims that the U.S. government was disposing of seized Bitcoin holdings. This rumor was later debunked, but the damage was already done to the fragile crypto markets.

On a positive note for Bitcoin enthusiasts, the past 24 hours saw a significant reduction in on-chain transaction fees, which had previously reached levels that caused widespread discontent. Current data from Mempool.space indicates that next-block fee rates are at 47 satoshis per byte, or roughly $1.80.

Meanwhile, Ethereum is trading at $1,824, experiencing a period of consolidation marked by fluctuations that have yet to provide market participants with a clear directional bias. 

After failing to surpass the $2.1K level, the price dropped to $1.8K and entered a consolidation phase. Ethereum now faces three critical levels: the 100-day moving average at $1,748, the 200-day moving average at $1,546 as primary supports, and the $2.1K price zone as a major resistance.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

Recent Posts

Bitcoin Price Prediction-Here’s What’s Incoming for the BTC Price Rally This Week

The crypto markets are displaying significant strength since the early trading hours, with the prices…

April 28, 2025

Supra Unveils AutoFi and SupraNova to Transform Cross-Chain DeFi

According to Supra, the future of DeFi is omnichain and fully interoperable, because therein lie…

April 28, 2025

This $0.025 Token Is on Track for a 3400% Run, According to Market Analysts

In a crypto market where many tokens are competing for visibility, only a few stand…

April 28, 2025

Here’s When Altcoins Will Rally

Crypto markets started the week with a bullish tone on Monday, with Bitcoin trading above…

April 28, 2025

Serum Price Prediction 2025, 2026, 2030: When Will SRM Price Revisit $13?

Story Highlights The live price of the SRM token is Serum coin price may reach…

April 28, 2025

US Recession Looming in 2025? Experts Warn the Trade War Could Push Us There!

The talk of a possible US recession in 2025 is getting louder, and it’s all…

April 28, 2025