fell sharply, while faced relatively lower strain at press time on Thursday evening, as the global cryptocurrency market cap decreased 3.7% to $1.2 trillion.<\/p>\n\nPrice Performance Of Major Coins<\/p>\n\nCoin
\n24-hour
\n7-day
\nPrice
\n<\/tr>\n\n\n\n

Bitcoin (CRYPTO: BTC)<\/td>\n	-1.4%<\/td>\n	-3.1%<\/td>\n	$29,273.32<\/td>\n<\/tr>\n
Ethereum (CRYPTO: ETH)<\/td>\n	-7.9%<\/td>\n	-10.4%<\/td>\n	$1,801.24<\/td>\n<\/tr>\n
(CRYPTO: DOGE)<\/td>\n	-6.1%<\/td>\n	-9.8%<\/td>\n	$0.08<\/td>\n<\/tr>\n<\/table>\n\nTop 24-Hour Gainers (Data via CoinMarketCap)<\/p>\n\nCryptocurrency \n24-Hour % Change (+\/-) \nPrice \n<\/tr>\n\n\n\n Celo (CELO)<\/td>\n +3%<\/td>\n $1.45<\/td>\n<\/tr>\n Decred (DCR)<\/td>\n +0.3%<\/td>\n $36<\/td>\n<\/tr>\n Binance USD (BUSD)<\/td>\n +0.2%<\/td>\n \u200b\u200b$1<\/td>\n<\/tr>\n<\/table>\n See Also: Best USDC Interest Rates<\/p>\n Why It Matters: Cryptocurrencies failed to muster strength even as other risk assets like stocks soared on Thursday. <\/p>\n Bitcoin, Ethereum and Dogecoin traded below the $30,000, $2,000 and 8 cents levels, respectively, at press time. On Thursday, the S&P500 closed 2% higher and the Nasdaq added 2.7%. <\/p>\n Altcoins are particularly under pressure as investors tend to shed riskier assets during downturns. <\/p>\n OANDA senior market analyst Edward Moya attributed the sharper fall in ETH to scaling worries post “The Merge,” or the official transition to proof-of-stake.<\/p>\n \u201cEthereum is selling off as many crypto traders start to doubt Ethereum 2 will be successful,\u201d said Moya in a note.<\/p>\n \u201cEthereum 2 merge was delayed until August, but it won\u2019t truly let Ethereum be scaled up, they will use a multi-chain system and will connect to a wrath of Layer 2 scaling solutions.\u201d<\/p>\n Moya noted that Ethereum has potent rivals that \u201ccan do a better job of scaling up and this latest update might force people to jump ship.\u201d<\/p>\n Cryptocurrency trader and analyst Micha\u00ebl van de Poppe tweeted that he was looking at the $28,800 and $29,300 levels for Bitcoin’s upward movement, saying that the apex coin could make its way to $31,000 and $32,800.<\/p>\n Simple, looking at $28.8K and\/or $29.3K for continuation upwards on #Bitcoin as we’ve been sweeping all the lows and touching that $28.2K zone.<\/p>\n If those hold, $31K and possibly $32.8K next. pic.twitter.com\/8gxjcWPlWr<\/p>\n \u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) May 26, 2022<\/p>\n<\/blockquote>\n The percent of unspent Bitcoin transactions, whose price at creation was lower than the current price, has fallen from 86.8% at the beginning of 2022 to 74.5% at press time, according to Glassnode data. A higher number is usually indicative of market tops, while lower values signal a bottom.<\/p>\n \nBitcoin: Percent of UTXO’s In Profit Since January 1, 2022 \u2014 Courtesy Glassnode<\/p>\n A contrarian view was expressed by chartist Ali Martinez, who said that Bitcoin appears to be losing support floor between the $30,000 and $29,100 levels.<\/p>\n \u201cThere aren’t any other significant demand walls underneath,\u201d said Martinez in a tweet.<\/p>\n #Bitcoin appears to be losing the support floor between $30,000 and $29,100. Notice there aren’t any other significant demand walls underneath $BTC. https:\/\/t.co\/5Eztat2lGj pic.twitter.com\/HxdLuWSKg1<\/p>\n \u2014 Ali Martinez (@ali_charts) May 26, 2022<\/p>\n<\/blockquote>\n Read Next: JPMorgan (NYSE:) Sees Bitcoin’s Fair Value At $38,000; Crypto Now Preferred Over Real Estate<\/p>\n \u00a9 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.<\/p>\n Read at Benzinga<\/p>\n Read the original article on Benzinga<\/a><\/p>\n<\/div>\n