Top Cryptocurrencies, Bitcoin Prices Today, May 17
Top Cryptocurrencies, Bitcoin Prices Today, May 17

Top Cryptocurrencies, Bitcoin Prices Updates: The low trade volumes on Tuesday during the early trading hours damaged sentiments as Bitcoin and other popular cryptocurrencies fell. In the foreseeable future, indicators of the state of the world economy will be the primary catalysts for risky assets.

While other tokens were mainly in the green on Wednesday, Bitcoin, which is being questioned about its function, fell marginally. According to a Cobo analysis, the confidence in the cryptocurrency market reached its lowest point in February 2022 and then quickly recovered from March onward.

All of the biggest cryptocurrency tokens were trading marginally higher on Wednesday, with the exception of the US dollar-pegged Tether, Bitcoin, and BNB. XRP increased by 8%, while Litecoin increased by more than 6%. Cardano and Dogecoin each saw gains of 2%, while Polkadot increased by more than 1%.

The market capitalization of all cryptocurrencies was trading at a lower level, dropping to the USD 1.13 trillion mark after a slight decline over the previous day. The total trade volume did, however, increase by more than 27.85% to USD 27.85 billion.

Bitcoin moved on negative territory  on Tuesday amid mixed market sentiment. The USD 26,800 support level, formerly resistance, now acts as a potential turning point. A favourable buying zone is indicated by technical indicators like the relative strength index (RSI)and Moving Average Convergence/Divergence (MACD). Sathvik Vishwanath, Co-Founder & CEO at Unocoin, predicted a positive bounce to USD 27,800 or USD 27,500 if Bitcoin holds above USD 26,800.

Here are some key points about Bitcoin: Bitcoin is not controlled by any central authority, such as a government or financial institution. Instead, it operates on a peer-to-peer network of computers.

Limited Supply: There will only ever be 21 million bitcoins in existence. This scarcity is built into the system to prevent inflation and maintain value over time.

Security: Bitcoin transactions are secured through cryptographic algorithms and recorded on the blockchain, making it difficult to alter or counterfeit transactions.

Anonymity: While Bitcoin transactions are public, the identities of the individuals involved are typically pseudonymous. Users are identified by their wallet addresses rather than personal information.

Volatility: Bitcoin's value can be highly volatile, with significant price fluctuations occurring over short periods. This volatility has made Bitcoin an attractive investment for some but carries risks as well.

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