Tuesday, May 26, 2020

Bitcoin and major altcoins signal a bearish trend

The Takeaway:

Bitcoin continues to trade around $10,000 mark as short term bearish trend is predicted by many analysts. This week Etherum and Ripple's XRP also followed a downward trend. Bitcoin SV and TRON saw a drop of more than 5%.

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The leading cryptocurrency bitcoin continues to trade around $10,000 mark. But in the short term, the cryptocurrency is showing a bearish trend. As reported earlier, this week bitcoin reached the lowest volatility rate in the last four months. Other major cryptocurrencies like Ethereum and Ripple are also showing a short term bearish trend.

With the market capitalization of $19.2 billion, Ethereum is currently trading at $177.80. The coin is struggling to climb above $179 mark. Ripple’s XRP with a market cap of around $10 billion has gone down by 1.2 % in the last 24 hours. It is trading at $0.2520 at the time of writing.

Among the top 20 crypto assets, Bitcoin SV and TRON have suffered the most. Both coins saw a drop of more than 5% in the last 24 hours.

This week so far has not been the best for overall global cryptocurrency as major coins continue to show a bearish trend. Some analysts have predicted that bitcoin might even drop below $9,000 mark in the coming weeks. Let us know in comments what do you think coming weeks have in store for the global crypto market?

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Harry Finnerty
Harry Finnerty
After completing his graduation from Strayer University, Harry started to work in the real estate industry. However, soon he realized that his real interest is in the financial industry and once he came to know about bitcoin and the technology behind it, he dedicated his life to understand and write about it.

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