Max pain scenario intensifies as Bitcoin drops to $31K, altcoins sell-off

crypto list


Bitcoin (BTC) and the broader cryptocurrency skilled one other wave of in a single day promoting which deepened on May 23 as the vast majority of tokens pummeled to multi-month lows. The market-wide sell-off resulted within the whole cryptocurrency market cap shedding one other $250 billion in worth to $1.33 trillion. 

The whole market cap has now skilled a 46% pullback from the May 11 all-time excessive at $2.56 trillion, however the beautiful flip of occasions has left the overwhelming majority of merchants scrambling to lock in any features skilled throughout the run up.

Total cryptocurrency market capitalization. Source: CoinMarketCap

This latest wave of promoting stress managed to efficiently break under the $36,000 assist stage, sending BTC worth as little as $31,000. 

Ether (ETH) was hit with a 20% drawdown in worth that smashed its worth again under $2,000 for the second time in per week, marking a 56% decline in its worth from its all-time excessive at $4,362 which was established simply 11 days in the past on May 12.

BTC/USDT vs. ETH/USDT 1-day chart. Source: TradingView

While the magnitude of the Bitcoin pullbacks is beginning to diminish following a number of weeks of worth declines, the continued promoting has hit the altcoin market exhausting with Sunday’s worth rout shaving no less than 30% off a majority of the cash within the prime 100 as capitulation set in for merchants from across the globe.

Polkadot (DOT) fell greater than 40% to a low of $14 and Solana (SOL) shed 36% of its worth to hit a low at $19.

Polygon (MATIC), which reached an all-time excessive at $2.68 simply 5 days in the past, has now fallen 69% and trades under $0.84 on the time of writing.

MATIC/USDT 4-hour chart. Source: TradingView

The total cryptocurrency market cap now stands at $1.285 trillion and Bitcoin’s dominance charge is 46.9%.

The views and opinions expressed listed below are solely these of the writer and don’t essentially mirror the views of Cointelegraph.com. Every funding and buying and selling transfer entails threat, you need to conduct your personal analysis when making a choice.