The Crypto industry is facing extreme rise and fall for the last few couple of weeks as COVID-19’s 3rd layer has affected almost every institution around the globe. At some points, crypto-related institutions are expanding and flourishing day by day and at the same time, few crypto platforms are facing crucial times. This article will explain the ongoing scenario of different coins, exchanges and related perspectives which might have been gone unnoticed from your sight.
Bitcoin is facing extreme rise and fall for the last couple of weeks and its worth significantly decreased on the 12th of May, 2021 when it reached $48,600 and couldn’t surge as it has shown the bullish behaviour in earlier times. Instead, it went lower reaching the lower level of $46,000. However, somehow Bitcoin (BTC) managed to create the Doji candlestick by showing sudden growth crossing $47,800 on the 13th of May and this bullish behaviour showed consistency as right now while writing this article Bitcoin (BTC) is resting at $50,690.
Technical indicators currently showing the neutral status while on the other hand, stochastic oscillator showing bullish behaviour and RSI (Relative Strength Index) has surpassed 50. There have been seen tough competition among the position of cryptocurrencies but Bitcoin (BTC) managed to be on the top of the list in term of price.
Being on the fluctuating edge, finally, the cryptocurrency market recovered today and now resting at $2.3 trillion and BTC dominance has hit the local demise of 41.5% and last time the lowest growth was recorded in 2018. The top-10 list of cryptocurrencies is showing a greenish trend as there has been shuffling the list and now Dogecoin (DOGE) aka meme-coin has managed to reclaim the 4th position with gaining 26% today.
Moreover, Arweave (AR) is ranked at the 89th position and is also showing bullish behaviour up to 41% with a trading worth of $40.87. In general, the crypto market is not doing as good as most of the coins of the top-100 list are showing reddish behaviour and Revain (REV) is in the worst status down by 16% but somehow struggled to add 83% market cap over the last week.
Trending Status of Crypto Industry
The first optimistic news of the crypto market is that Colonial Pipeline is now has re-operationalized after paying a massive ransom to hijackers who digitally hijacked the control of the pipeline. Secondly, the transparency report of Coinbase has been released for sake of requests made to Financial Authorities for the 2nd half of the last year 2020.
And lastly, the IRS (Internal Revenue Service) of the United States has disclosed to cope with the unpaid tax by holding the crypto assets of the citizens.