Who can really predict what can happen next in the crypto world?
A recent downturn has once again grabbed headlines. After a brief period of recovery, the market has taken a hit, with the overall trading volume plummeting to $63.63 billion, its lowest point in weeks. This decline, marked by a steep 17% drop within a day, has been accompanied by a dip in the total crypto market cap to $2.3 trillion, signaling a shift away from optimistic sentiments on the fear and greed index.
The recent downtrend has badly affected Bitcoin and Ethereum, with Bitcoin trading at $62,309.95 following a 2% fall and Ethereum at $2,999.41 after a 2.2% drop. This downward trend appears to be continuing, impacting other cryptocurrencies as well.
On May 7th, the total cryptocurrency market cap held steady at $2.35 trillion, with Bitcoin showing a slight uptick at $63,550. However, other major cryptocurrencies like Ether, XRP, Dogecoin, Cardano, Toncoin (TON), and Avalanche faced modest declines ranging from 0.5% to 2.5%. These declines are largely attributed to the growing uncertainty in traditional markets.$BTC
