Trading across the board in the cryptocurrency market has been rather subdued amid a lack of any fundamentals or major global themes. The current light trading is mostly driven by retail investors in hunt of bargain dips the US and UK are both in public holidays.
As of press time, Bitcoin (BTC) is changing virtual hands at US $36,210, Ether (ETH) at US $2,550, ripple (XRP) at US $0.98, Binance Coin (BNB) US $355, cardano (ADA) at US $1.75, Dogecoin (DOGE) at US $0.36, ChainLink (Link) at US $30.20, UniSwap (UNI) at US $26.68, Polkadot (DOT) at US $23.73 and Stellar (XML) at US $0.41.
Cryptocurrencies have been struggling for direction over the past weeks after overall upward momentum ran out of steam due to huge selloff volumes above key resistance levels.
There are indications that the downtrend persisting all along May is still intact, and the prevailing selloff volumes might push bitcoin below the US $30,000 level in coming days. Altcoins would suffer similar percentage-point declines as they have done so far.
At the moment, the worry is the current downward drift could be just a little taste of what has to come as risk averse corporate investors bank profits and jump off the sinking ship, leaving retail traders holding the bag.
The key here is that unlike previous days there is no significant dip buying as fears of further declines against the backdrop of the persistent negative outlook continue to fuel caution and broad risk-off sentiment in the market.