Alongside the BTC, this week’s sales also affected the ETH (-10% over the week), the XRP (-13%), the ADA (-8.6%), the MATIC (-12%), the DOT (-10.8%), and more. Practically, the market is selling widely and wildly.
What is the point? Due to the high correlation with the US stock market, the crypto section is extremely sensitive to what is going on with stocks. Last night, several companies including Tesla and Blackstone presented their first-quarter corporate reports, and investors were disappointed. They started avoiding risks, and then technical signals were triggered.
After the BTC broke a strong support level at 28,000 USD downwards, pressure from the bears only increased. Now the local target for the decline lies between 27,750-27,800 USD. For the market to start buying again, the quotes need to secure above 29,700 USD.
Some say that until Monday, market moods will not change. The crash of the BTC exterminated long positions in the market for 253 million USD.
The capitalisation of the crypto market by today has dropped to 1.182 trillion USD. The part taken up by the BTC shrunk to 45.8%, while the ETH part extended to 19.5%.
Shiba Inu is ready to compete with DOGE
According to a CNBC publication, the Shiba Inu with time will push the DOGE, the leader of meme coins, off its pedestal. Practical use of the coin will become number one for investors. Shiba Inu has brighter horizons here because it works with the DeFi sector.
Source: Roboforex
