The cryptocurrency market experienced significant volatility last week, resulting in a staggering loss of $100 billion. This decline was evident in the global cryptocurrency market cap, which dropped by 4% to $2.36 trillion. Below are the top cryptocurrencies to keep an eye on in the coming days.
Ethereum, the second-largest cryptocurrency, saw its value dip below the $3,000 mark. Despite attempting a late-week rally, Ethereum struggled against bearish pressure throughout the week. Starting the week with a 2.37% decline on May 5, Ethereum continued to face losses, with three consecutive days of downward movement by May 8. Despite managing to maintain strong support at $2,935, Ethereum lost its grip on the $3,000 price territory that it had reclaimed recently.
After a brief recovery on May 9, where Ethereum surged by 2.10% to surpass $3,000 again, the gains were wiped out with a significant 4.17% decline on May 10. The asset is currently down 6.4% for the week, trading at $2,934. Lesser-known altcoins like Book of Meme (BOME) and Helium (HNT) also experienced similar declines.
Book of Meme, the only meme coin in the mix, felt the impact of market uncertainty despite its history of gaining during downturns. With BOME trading just above the 26-day EMA, it faced bearish momentum throughout the week. Helium, on the other hand, saw a substantial 19.6% decline on May 8, losing the $5 price level for the first time in the month. Despite attempts at recovery, Helium has struggled to breach the $5 resistance level, facing increased selling pressure as indicated by the Accumulation/Distribution metric.
Investors have deposited $2.127 million worth of HNT to exchanges since April 30, with exchange inflows on the rise. As the market grapples with downward pressure, both Ethereum and lesser-known altcoins like BOME and HNT face challenges in reclaiming lost ground.