Price: $0.39952 3.7321%
Market Cap: 58.69B 1.7849%
Volume (24h): 12.33B 0.4%
Dominance: 1.7849%
Price: $0.39952 3.7321%
Market Cap: 58.69B 1.7849%
Volume (24h): 12.33B 0.4%
Dominance: 1.7849% 1.7849%
  • Price: $0.39952 3.7321%
  • Market Cap: 58.69B 1.7849%
  • Volume (24h): 12.33B 0.4%
  • Dominance: 1.7849% 1.7849%
  • Price: $0.39952 3.7321%
Home > Information news > Crypto Market Prediction: Will Bitcoin Hit New High Before May End?

Crypto Market Prediction: Will Bitcoin Hit New High Before May End?

Release: 2024/05/26 20:04 Reading: 409

Original author:Coingape News Media

Original source:https://coingape.com/?post_type=markets&p=198863

Crypto Market Prediction: Will Bitcoin Hit New High Before May End?

Crypto Market Prediction

On Sunday, the cryptocurrency market maintained relative stability, with Bitcoin (BTC) experiencing a moderate 0.3% decline following a two-day uptrend. The broader market also exhibited a positive outlook, with BTC remaining only 6.7% below its all-time high of $73,800. Notably, the US SEC recently approved spot Ethereum ETFs, although the full potential of this development remains unrealized as ETF issuers await approval of their S-1 registration statements. Market analysts anticipate that this approval process could take several weeks or even months.

Given the market's lack of sustained momentum, assets such as Bitcoin, Uniswap, and Pepe Coin (PEPE) may present suitable entry points for new long positions.

1) Crypto Market Prediction: Bitcoin (BTC)

Bitcoin (BTC) continues to stand out as the pioneer in defining the concept of cryptocurrencies. It introduced the idea of digital scarcity through its capped supply of 21 million coins, contrasting with traditional fiat currencies that can be printed indefinitely by governments.

Despite market volatility this week due to mixed sentiment surrounding spot ETH ETFs, BTC has managed to maintain a price above $66,000. A recent reversal at this level has boosted the asset by 4%, bringing it to its current trading value of $69,095. According to CoinMarketCap, Bitcoin holds a market capitalization of $1.362 billion, while its 24-hour trading volume has declined by 33% to $15.5 billion.

In the daily chart, a rising trendline is guiding the current recovery trend in BTC. The coin may require one more reversal from this dynamic support before retesting the peak of $73,800 and aiming for a new high above $76,000.

2) Uniswap (UNI)

Uniswap (UNI) is a decentralized finance protocol used to exchange cryptocurrencies. It operates on the Ethereum blockchain and facilitates automated transactions between cryptocurrency tokens through smart contracts, eliminating the need for a traditional exchange's central order book.

The second of May has witnessed a strong bullish trend for Uniswap, with a sharp jump from $6.735 to $11.4, representing a 70% increase. This recovery has propelled the altcoin above two crucial horizontal levels of $8.35 and $10.4, opening the way for buyers to drive a further rally.

At press time, Uniswap's market capitalization stands at $6.8 billion, placing it among the top 20 largest cryptocurrencies. If the recent breakout from $10.4 holds, buyers could target $13.3 and subsequently $17. With its current momentum, the 20-day EMA could provide dynamic support for UNI's price, extending the recovery trend.

3) Pepe Coin (PEPE)

Pepe Coin (PEPE), also known as Memetic / Pepe Coin, is a cryptocurrency that originated as a fun meme coin featuring the popular internet meme Pepe the Frog.

Selected Topics

  • Dogecoin whale activity
    Dogecoin whale activity
    Get the latest insights into Dogecoin whale activities with our comprehensive analysis. Discover trends, patterns, and the impact of these whales on the Dogecoin market. Stay informed with our expert analysis and stay ahead in your cryptocurrency journey.
  • Dogecoin Mining
    Dogecoin Mining
    Dogecoin mining is the process of adding new blocks of transactions to the Dogecoin blockchain. Miners are rewarded with new Dogecoin for their work. This topic provides articles related to Dogecoin mining, including how to mine Dogecoin, the best mining hardware and software, and the profitability of Dogecoin mining.
  • Spacex Starship Launch
    Spacex Starship Launch
    This topic provides articles related to SpaceX Starship launches, including launch dates, mission details, and launch status. Stay up to date on the latest SpaceX Starship launches with this informative and comprehensive resource.
  • King of Memes: Dogecoin
    King of Memes: Dogecoin
    This topic provides articles related to the most popular memes, including "The King of Memes: Dogecoin." Memecoin has become a dominant player in the crypto space. These digital assets are popular for a variety of reasons. They drive the most innovative aspects of blockchain.