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The cryptocurrency market faced a new wave of selling pressure on May 28 as Bitcoin (BTC) price dropped to $35,100 and traders seem generally disinterested in buy the dip ahead of the weekend.
Despite the downside moves seen across the market over the past couple 2 weeks, institutional investors have for the most part held firm in their resolve to stay committed to cryptocurrencies but the absence of ‘we bought the dip’ announcements have retail traders wondering if Bitcoin price is in for further downside.
BTC/USDT 4-hour chart. Source: TradingView
While some analysts see the possibility of Bitcoin falling as low as $20,000 as the worst case scenario, the overall price trajectory of BTC remains skewed to the upside with the weekly trend of higher lows still intact.
#BTC has already set in a Higher Low on the Weekly
Now $BTC is fighting to preserve its series of Higher Lows on the Daily#Crypto #Bitcoin
— Rekt Capital (@rektcapital) May 28, 2021
Altcoins take a tumble alongside Bitcoin
Altcoins also pulled back sharply on Friday as market uncertainty ahead of the Memorial Day weekend led to a low volume and the current risk-averse environment diminished the impact of significant announcements like Polygon (MATIC) integrating its datasets into Google Cloud technology.
1/ We are extremely thrilled to share that we have completed an integration of Polygon datasets into @GoogleCloudTech #BigQuery!
This means that you can query Polygon’s datasets, run analytics and extract insights using Google’s #BigQuery platform.https://t.co/lKNcv7ru2D pic.twitter.com/U1HGDTqo8L
— Polygon (previously Matic) (@0xPolygon) May 28, 2021
Despite the market-wide pullback, there were a few tokens that managed to rally. Helium (HNT) surged 28% to a new all-time high at $23.01 following a tweet announcing that the project had surpassed 45,000 active hotspots worldwide that provide decentralized wireless coverage for internet of things (IoT) devices.
45,000 Hotspots now providing decentralized wireless coverage on #ThePeoplesNetwork ! pic.twitter.com/woXdMOkOGc
— Helium (@helium) May 28, 2021
MaidSafeCoin (MAID) also saw a 20% rally to hit an intraday high at $0.52 after the launch of its v2 testnet and Zcash (ZEC) gained 5% and now trades at $159.
Daily cryptocurrency market performance. Source: Coin360
The overall cryptocurrency market cap now stands at $1.567 trillion and Bitcoin’s dominance rate is 42.8%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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