Monday, May 16

Top 5 Cryptocurrencies to Watch This Week: BTC, LUNA, ATOM, ACH*, FTM By Cointelegraph


©Reuters. Top 5 Cryptocurrencies to Watch This Week: BTC, LUNA, ATOM, ACH*, FTM

(BTC) price fell close to $34,000 on Jan 21, reflecting a 50% decline from the all-time high of $69,000 reached on Nov 10, 2021. Altcoins also failed to buck the trend and faced intense selling pressure, dragging the total cryptocurrency market capitalization to $1.6 trillion, down 46% from its November 2021 all-time high of close to $3 trillion.

It’s not just the cryptocurrency markets that are facing sell-off from investors. The S&P 500 has also tumbled 8% so far this year. However, it has outperformed and is up around 1.76% over the period, cementing its position as a safe haven asset.

Daily cryptocurrency market data. Source: Coin360 Several retail traders who bought bitcoin near its all-time high are raising concerns on social media. However, the president of El Salvador, Nayib Bukele, does not seem to be worried about the recent drop, as he recently announced the purchase of 410 bitcoin at an average price of approximately $36,585 per coin.

Read the full article on Cointelegraph

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