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The cryptocurrency market appeared to calm down on Tuesday after two weeks of heavy losses, but recent winds have reversed the course of the crypto market yet again. Ethereum opened just above his $2,000 level and fell below this mark during Monday’s trading session, but the premier alt recovered quickly.
Ether’s resilience appears to be tested again in the face of Wednesday’s mild market slump. Other altcoins such as Avalanche (AVAX) and Polygon (MATIC) were also lowered during this period. Some stocks are clearly outperformed by Ether.
Ethereum (ETH) is down nearly 4.50% over the past 24 hours, losing momentum above $2,000.
At its current price of $1,975, ETH/USD is down 60% from its November peak. Trading volume figures also show that the network is still reeling from the recent blow. His Ether volume has shrunk by 4.45% over the last 24 hours. This shows the sourness of the Ethereum market.
Cardano (ADA) had one of the biggest losses of the day among the top 10 crypto assets by market cap. The ADA came close to breaking above $0.60 in yesterday’s trading session, but resistance above this level proved too much for the momentum built by the bears.
The native Cardano token fell to $0.55, recovered to $0.58, and then bounced back to $0.52. According to CoinMarketCap data, the 24-hour trading volume fell by 8.95% to $891.43 billion.
The situation is the same for AVAX, MATIC and SOL, which fell 8.37%, 6.60% and 8.25% respectively over the period. Algorand and Theta’s native token margins are not far apart. ALGO is trading at an 8.48% loss, while THETA is down to $1.24, down 8.85% over the past 24 hours.
Coinglass data shows that 24-hour liquidation volumes over the past three days have remained relatively average compared to last week’s action. Since the beginning of the week, no day has had a 24-hour total liquidation higher than his $300 million.
So far, May 9, 11, and 12 are the days with the largest 24-hour liquidation volumes this month, with totals (long and short) of $1.02 billion, $989.65 million, and 7 46,348,000,000. Long orders contributed to the majority of liquidations on all three occasions.
