6 May Crypto Prices: BTC, AVAX, ADA, SOL Drop Up to 15%
Excluding the dollar-tied USDC, all large-cap tokens bleed sharply on Thursday. Avalanche dropped 15%, followed by a 12% fall in Cardano and Solana. Ethereum, Shiba Inu, and Dogecoin lost 7% each.
Top crypto assets crashed on Friday as market players turned risk-averse due to worries about aggressive rate increases to fight inflation. Bitcoin reacted by falling to monthly lows as the positive sentiments that emerged after Fed’s conference on Wednesday deteriorated within no time. The altcoins suffered more from the crash.
Excluding dollar-tied USDC, all crypto assets saw a massive bloodbath within the previous day. Avalanche declined by 15%, followed by 12% drops in Cardano and Solana. Dogecoin, Ethereum, and Shiba Inu lost 7% each.
The global crypto market capitalization hovered lower at $1.67 trillion, losing approximately 8% within the past 24 hours. On the other side, the total crypto trading volume noted a 14% increase to $115.05bn.
Expert Outlook
Bitcoin dropped following a short-lived relief rally as investors reacted to higher rates amid escalating inflation. That’s according to Edu Patel of Mudrex. The bearish wave saw Bitcoin losing about 10%, surrendering crucial support levels.
Patel stated that Bitcoin could dip further from current levels. Remember, the crypto saw its selling volume surging over the previous day. For now, Bitcoin’s dependable stands at $32,000. The Mudrex CEO believes the current bearish trend might persist for a couple of days.
BitsAir Exchange founder Kunal Jagdale stated that investors seemed to lose confidence in the cryptocurrency market following sharp plummets within the technology industry. He added that individuals remain worried about the global economic revival, and the financial space may not handle the escalating inflation.
Coinstore’s Tech View
WAVES sees a downward spiral, losing nearly 78% from its ATH at $62.36 one month ago. For now, the token trades near $14 and can dip lows towards the $12 support. WAVES is among the earliest ICOs in the crypto world, utilized for standard rewards for blocks. However, the crash might attract dip-buyers, triggering reversals. The alt will take time before climbing towards its all-time highs. Moreover, bearishness in the overall crypto market makes WAVES’ recovery path challenging.
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