Since last week’s sell-off, Bitcoin (BTC) has stabilised at around $30,000. Cryptocurrency should remain above $27,000-$30,000 this week to generate a positive short-term momentum signal.
At press time, Bitcoin was trading around $29,300 and is down 3% in the past 24 hours.
The price broke out of $33,000 and $35,000 earlier this month, and these levels act as immediate resistance. There may be many sell orders over the next two weeks, which could cap the rally.
In addition, altcoin underperformance relative to bitcoin indicates a lower risk appetite among crypto traders. Due to their higher risk profile, alts generally lose more money in down markets than bitcoin. As a result, BTC’s short-term downtrend could continue in a broader no-risk environment.
On the Ethereum network, ETH is the most widely traded currency. This currency determines the supply of a token. It is, in fact, viewed as optimistic that there will be more ETH tokens staked on Eth2 as it will reduce the number of tokens available for sale on exchanges and contribute to a “shortage”.
A new all-time high of nearly $26.6 billion worth of Ethereum tokens was withdrawn from the Eth2 contract.
Burn Portal reports that so far, 2.3 million ETH have been destroyed. In addition, over 14.90 million ETH was withdrawn from circulation due to the blocked tokens, reducing the supply of tokens by 12.31%.
The decline should positively affect Ethereum’s price over the long term. Nevertheless, analysts think ETH has more room to fall in the short term.
Cardano’s prospects may look good after a rough week for the overall crypto market. A prominent Cardano Twitter user stated that Cardano’s weekly volume was the highest since the bull market peaked.
With a chart he shared, Cardano Dan explained that ADA has been facing its biggest wick since March 2020. The last time you saw a wick like this, you could see the price was starting to rise in earnest. But, on the other hand, we shouldn’t forget that this situation was common to the whole market.
Hoskinson said that the Vasil hard fork is scheduled for June 29 and that the testnet could be ready before the end of the month.
According to the well-known CEO, the update should improve Cardano smart contracts significantly.
To support the peg, the Luna Foundation Guard (LFG), a Singapore-based nonprofit, has accumulated large reserves of cryptocurrencies, including over 80,000 bitcoins. According to LFG, the asset value was $4 billion on May 3.
On Monday, LFG revealed it used most of its bitcoin to support TerraUSD when it collapsed last week.
Shiba Inu (SHIB)
In the past 24 hours, the value of the meme token market has fallen by 2% to $18.8 billion. During the last week, the price of SHIB tokens fell by 27%. Also, the total contract value of the largest Ethereum (ETH) whale, Shiba Inu, fell to $566 million. SHIB token assets have ranked third in recent months due to price discharge and uncertainty.
In the meantime, the grizzly bear population has risen impressively. Following the market crash on May 8, 2022, the Shiba Inu token was in over 1.14 million wallets. With the crackdown on cryptocurrency markets intensifying, SHIB holders grew. SHIB tokens were contained in 1,162,394 wallets on May 16, 2022. Due to a severe market crash, meme tokens are up 16,482 carriers. However, the highest level (ATH) for portfolios containing SHIB is 1,180,140.