- The cryptocurrency market witnessed another day of losses on May 13, as major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) experienced price drops.
- Regulatory hurdles and concerns about whale movements increased the pressure, maintaining the overall bearish sentiment.
- Bitcoin fell below the critical $61,000 level, while Ethereum showed signs of weakness, falling below $2,900.
Major cryptocurrencies Bitcoin and Ethereum experience price drops amidst regulatory concerns and whale movements, reflecting a bearish sentiment in the market.
Bitcoin Struggles to Maintain Above $61,000 as Whales Stir
Bitcoin, the world’s leading cryptocurrency, failed to hold above the crucial $61,000 level. At the time of writing, BTC is trading around $60,913, reflecting a 0.24% decrease in the last 24 hours. However, a 27.61% increase in trading volume indicates increased activity despite the bearish trend. Interestingly, two Bitcoin whale addresses that have been dormant for over a decade have reawakened, a trend that has become the norm.
Ethereum Shows Signs of Weakness
The second-largest cryptocurrency, Ethereum (ETH), also showed signs of weakness, falling below $2,900. The price is currently at $2,887, representing a 1.29% drop from the previous day. ETH’s trading volume also witnessed a similar increase of 27.08%. The delay in the expected spot Ethereum ETF approval seems to be weakening investor confidence. As Ethereum (ETH) shows no signs of bullishness, whales seem to be losing patience recently.
Whale Activity in XRP
Meanwhile, Ripple’s XRP token experienced a significant decline, falling below the crucial psychological level of $0.5. The 2.97% price drop is partly attributed to a large transaction by an XRP whale reported to have moved over 30 million tokens to the exchange. This decline created fear among investors, further driving down the price.
Other Altcoins Experiencing Declines
The bearish sentiment also affected other major altcoins. Solana (SOL) dropped by 5.33%, Cardano (ADA) by 3.15%, and Dogecoin (DOGE) by 4.50%. In a broader market, only a handful of tokens, including Core (CORE) and UNUS SED LEO (LEO), managed to withstand a wave of selling.
Conclusion
Overall, the cryptocurrency market is currently in a bearish phase, with major cryptocurrencies like Bitcoin, Ethereum, and Ripple experiencing price drops. The market is closely watching the movements of whales, which are believed to be contributing to the current market sentiment. As the market navigates through these challenging times, investors are advised to stay informed and make decisions based on careful analysis.
