Digital Asset Insights 18.05.23

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This post was originally published on Trademakers

courtesy of trademakers

We bring you the latest updates and insights on the ever-evolving world of cryptocurrencies. The past week has been marked by notable price fluctuations, reflecting the inherent volatility of the crypto market. Whether you’re an investor, trader, or simply curious about the crypto space, our reports aim to keep you informed and empower you to navigate these exciting and dynamic markets.

Bitcoin (BTC)

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Bitcoin, the world’s leading cryptocurrency, has experienced significant price fluctuations in recent days, showcasing the characteristic volatility of the digital asset. On May 14, Bitcoin opened at $26,920.0 and underwent slight declines throughout the day. The price briefly dropped to a low of $26,609.9 but recovered to close at $27,176.1. The day’s trading volume stood at 26.35K BTC, representing a modest increase of 0.53%.

 

Looking back to May 13, 2023, Bitcoin began the day at $26,777.5. Although the price briefly rose to $27,011.9, it settled at $26,695.6 by the end of the day. The trading volume for May 13 reached 27.95K BTC, indicating a marginal decline of -0.08%.

 

On May 12, Bitcoin’s price opened at $26,799.2 and experienced fluctuations throughout the day. While it briefly climbed to $27,044.0, the digital asset faced a downward correction, closing at $25,853.1. The trading volume for May 12 was significantly higher at 87.49K BTC, with Bitcoin experiencing a decline of -0.68%.

 

Continuing the trend, May 11 saw Bitcoin opening at $26,983.5. However, the price encountered resistance and reached a high of $27,607.4 before plunging to $26,766.2. The trading volume on that day was 62.85K BTC, reflecting a notable decrease of -2.25%.

 

Moving further back, on May 10, Bitcoin opened at $27,603.3 and experienced a brief surge to $28,311.7. Yet, the price retreated to $26,885.7, and the trading volume reached 91.45K BTC. The decrease for the day was a marginal -0.11%.

 

The preceding day, May 9, began with Bitcoin’s price at $27,634.9. Throughout the day, the price fluctuated within the range of $27,670.5 and $27,816.0. However, Bitcoin closed at $27,366.3, and the trading volume amounted to 49.75K BTC, reflecting a slight decline of -0.13%.

Ethereum (ETH)

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In the past week, Ethereum, the popular cryptocurrency, has experienced significant volatility, with its prices fluctuating daily. On May 14, Ethereum closed at $1,799.36, showing a slight increase of 0.25% compared to the previous day’s closing.

 

On May 13, Ethereum closed at $1,794.95, marking a decline of 0.68% from the previous day. This downward movement followed a positive trend on May 12 when Ethereum closed at $1,807.31, reflecting a gain of 0.70% compared to the day before. However, May 11 witnessed a significant drop of 2.51%, with Ethereum closing at $1,794.71. These fluctuations have left investors grappling with the inherent volatility of cryptocurrencies.

 

The market’s performance on May 10 showed a slight decline of 0.31%, with Ethereum closing at $1,840.92. This followed a series of gains in the preceding days. On May 9, Ethereum experienced a marginal decrease of 0.05% as it closed at $1,846.56. May 8, however, saw a more substantial decline of 1.26%, with Ethereum closing at $1,847.48.

 

Trading volume has played a role in the market’s volatility during this period. On May 12, the trading volume for Ethereum reached 598.87K, a notable increase compared to previous days. This surge in trading activity might have contributed to the upward movement of Ethereum’s price on that day. However, on May 14, the trading volume decreased to 229.74K, indicating reduced overall market participation.

Ripple (XRP)

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The coin’s journey throughout the week has been characterized by alternating gains and losses. On May 14, 2023, XRP closed at $0.42522, marking a marginal gain of 0.29% compared to the previous day’s closing price of $0.42401. For the trading session of May 13, XRP opened at $0.42401 but struggled to maintain momentum and closed at $0.42362, resulting in a decline of 1.51%. However, on May 12, the cryptocurrency exhibited a more bullish trend, as it opened at $0.43049 and closed at $0.41665, reflecting a gain of 2.35%.

 

May 11 witnessed a bearish turn for XRP, with the cryptocurrency opening at $0.42063 and closing at $0.41162, representing a decline of 2.24%. The day prior, on May 10, XRP saw a modest gain of 0.33%, opening at $0.43026 and closing at $0.41335. The trading volume on that day reached 505.80 million.

 

Throughout this period, the trading volume of XRP has shown fluctuations. On May 14, the trading volume stood at 142.86 million, following a trading volume of 145.07 million on May 13. These figures indicate a slight decline in trading activity. However, on May 12, the trading volume surged to a substantial 562.85 million, which may be attributed to increased market interest or notable trading activity within the XRP community.

Cardano (ADA)

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Throughout the week, Cardano’s price experienced fluctuations, reflecting the broader volatility within the cryptocurrency market. On May 13, ADA opened at $0.3646 but struggled to maintain momentum and closed at $0.3625, resulting in a decline of 1.59%. However, on May 12, Cardano displayed a more bullish trend, opening at $0.3705 and closing at $0.3541, reflecting a gain of 3.00%.

 

May 11 witnessed a bearish turn for Cardano, as the cryptocurrency opened at $0.3597 and closed at $0.3495, representing a decline of 2.60%. The day prior, on May 10, ADA experienced a modest gain of 1.65%, opening at $0.3693 and closing at $0.3546. The trading volume on that day reached 166.24 million.

 

The trading volume of Cardano showcased fluctuations during this period. On May 14, the trading volume stood at 44.99 million, following a trading volume of 50.95 million on May 13. These figures indicate a slight decrease in trading activity. However, on May 12, the trading volume surged to a substantial 120.83 million, suggesting increased market interest or notable trading activity within the Cardano community.

Solana (Sol)

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On May 14, 2023, Solana closed at $20.944, registering a marginal gain of 0.54% compared to the previous day’s closing price of $20.832. On May 13, SOL opened at $20.832 but experienced a slight decline, closing at $20.792, resulting in a decrease of 0.35%. However, on May 12, Solana displayed a more bullish trend, opening at $20.906 and closing at $19.830, reflecting a gain of 3.57%.

 

May 11 witnessed a bearish turn for Solana, with the cryptocurrency opening at $20.184 and closing at $19.797, representing a decline of 3.57%. The day prior, on May 10, SOL experienced a modest gain of 1.26%, opening at $20.932 and closing at $19.999. The trading volume on that day reached 6.52 million.

 

During this period, the trading volume of Solana displayed fluctuations. On May 14, the trading volume stood at 1.97 million, following a trading volume of 2.31 million on May 13. These figures indicate a slight decrease in trading activity. However, on May 12, the trading volume reached 4.36 million, which indicates increased market interest or notable trading activity within the Solana community.

Binance Coin (BNB)

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In the dynamic world of cryptocurrency, BNB, the native token of the Binance exchange, experienced moderate fluctuations in its value over the past week. On May 14, BNB closed at $312.09, a slight increase of 0.45% from the previous day’s closing price. Let’s delve into the recent performance of BNB and explore the factors contributing to its current state.

 

On May 13, the coin opened at $310.71 and reached a high of $311.80 before settling at $309.50, with a trading volume of 199.43K. This represented a 0.68% gain compared to the previous day’s closing price. The following day, May 12, BNB opened at $308.60 and experienced a relatively stable trading session, closing at $301.30 with a trading volume of 339.08K, reflecting a modest 0.36% increase.

 

However, the cryptocurrency faced a setback on May 11, as its price dipped to $304.50, marking a decline of 2.16% from the previous day’s closing price. The trading volume on this day was 305.12K. Prior to this, on May 10, BNB opened at $314.30 and reached a high of $316.69, with a closing price of $308.63. The trading volume stood at 374.69K, showcasing a 0.67% increase.

 

As we move further back, on May 9, BNB opened at $312.21 and experienced a trading session that led to a closing price of $311.20. The coin encountered a slight dip of 0.50% and had a trading volume of 272.70K. Going back to May 8, the opening price was $313.79, and despite reaching a high of $321.99, BNB closed at $311.22, marking a decline of 2.22%. The trading volume recorded on May 8 was 398.34K.

USD Coin (USDC)

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USD Coin (USDC), a popular stablecoin pegged to the US dollar, has shown remarkable stability in recent days despite the volatility witnessed in the broader cryptocurrency market. On May 14, USDC maintained its value at $0.9996, with a negligible change of 0.00% from the previous day’s closing price. Let’s delve into the recent performance of USDC and analyze the factors contributing to its stable state.

 

On May 13, USDC opened at $0.9995 and experienced a trading session that resulted in a marginal change, closing at $0.9995. The trading volume recorded on this day was 8.02 million USDC, indicating the market’s confidence in this widely adopted stablecoin. Similarly, on May 12, USDC exhibited a steady performance, opening and closing at $0.9995, with a trading volume of 11.81 million USDC. This represented a minimal gain of 0.01% compared to the previous day’s closing price.

 

Continuing the trend, May 11 saw USDC open and close at $0.9995, with a trading volume of 20.19 million USDC. This stability in value was maintained as the coin experienced a negligible change of 0.01%. On May 10, USDC opened at $0.9993, reaching a high of $0.9997 and a low of $0.9992, before closing at $0.9992. The trading volume on this day was 22.34 million USDC, reflecting a slight decline of 0.01%.

 

May 9 witnessed USDC opening at $0.9994 and experiencing a trading session that resulted in a closing price of $0.9991. The coin recorded a trading volume of 29.19 million USDC and a modest gain of 0.02%. Looking back to May 8, USDC opened at $0.9992 and saw a high of $0.9994 and a low of $0.9986 before closing at $0.9983. The trading volume reached 19.66 million USDC, indicating a marginal gain of 0.05%.

 

USDC’s stability amidst the broader cryptocurrency market’s volatility can be attributed to its nature as a stablecoin. Unlike other cryptocurrencies, which experience significant price swings, stablecoins are designed to maintain a stable value, often pegged to a fiat currency like the US dollar. This characteristic makes stablecoins appealing to users seeking a reliable store of value or a medium of exchange in the digital realm.

The steady value of USDC makes it a useful tool for various applications within the cryptocurrency ecosystem, including trading, decentralized finance (DeFi) protocols, and remittances. By providing stability and minimizing exposure to market fluctuations, USDC allows users to navigate the crypto space with greater confidence and convenience.

The post Digital Asset Insights 18.05.23 first appeared on trademakers.

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