Cryptocurrency markets have seen a downward trend over the past 24 hours, with Bitcoin experiencing a notable decline from $70,000 to $68,000. Ethereum also faced a significant drop, dipping below the $3,900 mark. On the other hand, Solana showed slight gains. In the meme token sector, Shiba Inu, BONK, and FLOKI were the standout performers.
How Did the Market Respond?
The global cryptocurrency market value decreased by 0.58% to $2.57 trillion on May 28. Despite this decline, the total crypto market volume surged by 43.08% to $87.7 billion in the last 24 hours, indicating heightened trading activity. Bitcoin showed its typical volatility, falling by 1.29% to $68,139.23, with 24-hour low and high values of $67,746.41 and $70,597.88, respectively.
What Is the Current Trend for Ethereum?
Ethereum also traded with notable volatility and did not manage to gain upward momentum even after the approval of the spot ETH ETF. ETH traded at $3,832.82, a 2.37% decrease over the last 24 hours, with its 24-hour low and high values being $3,826.20 and $3,973.56, respectively.
Key Takeaways for Investors
Given the recent market developments, investors may find the following points useful:
- Bitcoin’s volatility remains a key characteristic, making it suitable for strategic accumulation.
- Ethereum struggles to maintain upward momentum despite positive regulatory news.
- Solana and meme tokens like Shiba Inu, BONK, and FLOKI show potential for gains.
Meanwhile, Solana gained 0.72%, trading at $166.73, with 24-hour lows and highs at $164.07 and $171.99, respectively. Ripple’s XRP dropped by 0.78% to $0.5274. Shiba Inu increased by 1.16% to $0.00002488, and meme tokens FLOKI and BONK were today’s top gainers.