Mastering Crypto

05/02 03:27

Did The Crypto Market Crash Today?

Did The Crypto Market Crash Today?
The crypto market heat map is shining red with the price falls compared to the gains. But this is not just today, as the market has been behaving like this for days with no significant recovery since March. The entire month of April had been full of ups and downs. For a few days, the market returned to normal, whereas the rest days were considered a part of the crypto market crash rally.
Overview Of Today’s Crypto Market Crash
The overall market capitalization has dropped to a month low of $2.14 Trillion, with its 5% fall in just a day. Also, the global trading volume is just slightly below $100 Billion, which isn’t the best, but it has surged 30% from yesterday. Further on, the Bitcoin dominance is also high at 52.8%, with a neutral score on the fear and greed index.
In the case of the top most popular cryptocurrencies, all of them are facing a downward push where Bitcoin value has dropped to $57,071, Ethereum is at $2885, Solana is at $123, Dogecoin is at $0.1224, and the same is the case for others.
While focusing on individual categories, the meme coin market is down by 8.6%, the Solana ecosystems market cap is down by 2.7%, and the AI ecosystem is down by 2.15%, confirming the chance of a crypto market crash.
After analyzing these stats, the crypto market crash did happen today and heavily affected the cryptocurrency prices.
Why Did the Crypto Market Crash Today?
Microstrategy, the famous biggest Bitcoin-holder company, has revealed $53 Million in losses in its quarterly report. This news impacted the crypto market as the company’s loss influenced the Bitcoin price.
Other than that, the Sell in May and Go Away strategy has halted the crypto market’s sentiments for today. This Sell in May and Go strategy suggests the investors sell their assets in May and rebuy them after October. Though it is not the perfect strategy for the crypto market, this topic has been trending throughout the day, influencing the market sentiments.

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