Why is the crypto market down today? Bitcoin dips then recovers

Over the past few months, the crypto markets have experienced an immense period of growth, more commonly known as a bull run. Most major cryptocurrencies such as Bitcoin, Ethereum, Dogecoin and others reached their all-time high prices in March-April 2021. However, over the past month, the crypto market has gradually dropped, and Bitcoin is sitting at just about half of its all-time high price. Read on to know the major crypto news updates for today, i.e. May 31

Daily Crypto News Update 

Over the past 24 hours, the crypto market experienced another small dip, as Bitcoin dropped down to sub $35k levels, with the 24 hour low at $34,196. The premier cryptocurrency has since recovered and is standing around the price of $35-36K, on average. The market conditions are often dictated by Bitcoin’s movements and the other coins also suffered small dips yesterday. 

Ethereum reached a 24 hour low of around $2279 but has since recovered to $2450. Etherum has shown great stability over the past few weeks, fluctuating around the $2,500 price. Dogecoin is down 1.5 per cent from yesterday, from a high of $0.31 to $0.30, going as low as $0.28 at its 24-hour low price. 

Binance coin went down to a surprisingly low price of $308, but has since recovered and is currently standing at $326. Monero, which had seen gains over the past week, saw a 3.16 per cent drop in price and is currently priced at $255. Terra Luna has also seen a downfall by 4.44 per cent and is currently standing at a price of $5.8. Matic, an Indian cryptocurrency that has given steady gains over the past few weeks is down by 2.78 per cent, standing at a price of $1.8. Cardano has remained fairly stable, at $1.6. 

XRP has seen significant growth, as gained 12 per cent in a span of 24 hours, currently standing at $0.97. Other coins that saw significant growth in the past 24 hours are GXChain, Band Protocol, 1Inch and Compound. Stay tuned for regular updates on crypto trading and crypto price prediction. 

 

DISCLAIMER: The information provided on this website is for educational and entertainment purposes. The information provided on this website does not constitute investment advice, financial advice or trading advice. Republic World does not recommend purchasing any cryptocurrency. Crypto markets are highly volatile and crypto investments are risky. Readers should do their own research on cryptocurrencies and consult their financial adviser before making any crypto investments. 

 

IMAGE: SHUTTERSTOCK