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The situation around the cryptocurrency market is gradually stabilizing, the news background is becoming more neutral, and the coins are testing support on important indicators. As a logical result, over the past day, the total capitalization of the crypto market has practically not changed and stopped a step away from the $1.8 trillion mark. Despite the complete wagering of the news of the largest-ever losses of traders in the amount of $14.2 billion, the main altcoins have slowed their growth and sank slightly in price.
Despite the gray information agenda, the ethereum indicators successfully overcame the $2,800 mark and consolidated above it. Over the past day, the cryptocurrency has made a powerful jump and almost reached the figure of $2,900, but rolled back to $2,700, completely winning back the recent growth. According to the current dynamics of price changes, ETH is in the stage of reducing quotes at the level of -1%. To a large extent, this is due to market pressure, as well as sagging daily trading volumes, which stopped at $50 billion. Over the past few days, the situation around Ethereum has become similar to the dynamics of overcoming a difficult mark by bitcoin. The asset retested the threshold of $2,800 and managed to approach $2,900, but in the last attempt on May 27, the cryptocurrency quotes did not reach yesterday's maximum. To continue further growth, ethereum needs to gain a foothold over the difficult area of $2,800-$2,900, where the increased market pressure is concentrated. Taking into account the dynamics of the movement of horizontal charts, as well as the improving news background, the asset will overcome the corridor of $2,800-$2,900 in the next day or two.
A similar situation is observed in the Ripple token, which broke the $1 mark on May 26, but is experiencing certain problems with the upward movement. Most likely, this is due to the recent news about record losses of traders around the world. The news feed caused local skepticism in the market, which directly affected XRP quotes and daily trading volumes, which fell to $6.3 billion. However, there is no reason to worry, as the cryptocurrency confidently holds the $1.2 mark, which indicates high market support at this point. In addition, the recent drop was played back by players within a few hours, which indicates interest in the crypto asset. Nevertheless, this interest is cyclical in nature, which is well tracked by jumps in daily trading volumes. There is no doubt that soon, the cryptocurrency will continue to move to the next difficult milestone in the region of $1.4.
All altcoins on May 27 show similar dynamics of changes in quotes, affected by the unpleasant news about the losses of market players. However, the Litecoin situation remains more tense. The crypto asset, like its more venerable colleagues, quickly recovered its usual indicators in the region of $200, rising in price by 4%. At the same time, LTC continues to rapidly lose its audience and has already fallen to 15th place in terms of capitalization with a result of $13 billion. The target audience of the coin is actively moving to other, less hyped, but promising altcoins.
In general, the situation around the cryptocurrency market has stabilized, the coins almost completely played out the problem period during the collapse of bitcoin. At this stage, there are all the prerequisites for further growth, as evidenced by the positive news background. For example, the payment giant PayPal will develop an algorithm for withdrawing cryptocurrency to third-party wallets. In addition, the well-known billionaire Carl Icahn spoke positively about crypto assets and is considering investing in the market in the amount of $1.5 billion. The SEC also received two more applications for approval of bitcoin ETFs, which in the long term will strengthen the institutionalization of the market. Given all this, there are more and more reasons for optimism in the market, the trial between the SEC and Ripple will soon end, and the ETH network update is coming, which will greatly increase interest in the market.
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