Cryptocurrency Price Today: The global cryptocurrency market on May 20, Friday slightly recovered as it gained around 3 per cent over the past day, moving in tandem with the stock markets. Major crypto coins including Bitcoin, Ethereum and Polkadot also did not register much movement, but remained in the green zone. However, the crypto market did not show a huge recovery and the same would be unlikely if the macro economic situation does not improve, as per experts.
“Bitcoin, Ethereum and other altcoins were moving in tandem with the equities market. The bearish sentiment in Wall street fell over to the crypto markets as well. Just a day after US Federal Reserve Chairman Jerome Powell commented on how the 50-basis point rate hikes would continue to control inflation, markets reacted by taking a risk-off approach. A quick crypto market recovery would be unlikely if the macro-economic conditions don’t improve,” said Darshan Bathija, CEO and co founder of Vauld.
Bitcoin price today was standing at $30,058.20, up by 3.25 per cent in the last 24 hours, as per data from CoinMarketCap. “While BTC was holding onto the $30,000 level, one needs to keep in mind that about $640 million in BTC options expire on Friday, May 20. This could result in a further drawdown to the recent lows that BTC witnessed,” Bathija said.
“Rising inflationary worries and concerns over global economic slowdown is weighing on the sentiments of riskier assets, including cryptos. Among the crypto markets, Bitcoin has been able to hover around the $30,000 level, surpassing the pessimism. Whether it can continue to swim against the sentiment tide, time will tell,” noted Kunal Jagdale, founder at BitsAir Exchange:
Among altcoins, Ether price today at the time of writing this article was $2,016.59, as per data. This was up by 3.41 per cent in the last 24 hours.
“In the altcoin space, Polkadot is expected to lead the next bull run as it surged by almost 4.5 per cent in the past 7 days after it announced interoperability and multi-chain will be its key focus area at the WEF22 conference recently. A positive statement issued by the Russian minister around legalizing crypto as a payment option has brought some cheer to the global crypto markets as Russia has emerged as the biggest supporter of crypto in recent times,” said Jennifer Lu, co founder at Coinstore.
Here are the top 10 cryptocurrencies and their prices on May 20, 2022 (data from coinmarketcap.com)
Bitcoin $30,058.20 or 3.25 per cent gain in the last 24 hours
Ethereum $2,016.59 or 3.41 per cent gain in the last 24 hours
Tether $0.9989 or 0.01 per cent gain in the last 24 hours
USD Coin $0.9999 or 0.00 per cent loss in the last 24 hours
BNB $307.12 or 4.08 per cent gain in the last 24 hours
XRP $0.432 or 6.60 per cent gain in the last 24 hours
Binance USD $0.9991 or 0.25 per cent loss in the last 24 hours
Cardano $0.529 or 3.36 per cent gain in the last 24 hours
Solana $50.84 or 0.42 per cent gain in the last 24 hours
Dogecoin $0.08621 or 2.30 per cent gain in the last 24 hours