Last week, the cryptocurrency market experienced significant volatility, resulting in a loss of $100 billion. The global cryptocurrency market cap decreased by 4% to $2.36 trillion. Here are some top cryptocurrencies to keep an eye on in the coming days.
Ethereum, the second-largest cryptocurrency, dropped below the $3,000 mark. Despite attempting a rally towards the end of the week, Ethereum faced persistent bearish pressure. The asset started the week with a 2.37% decline on May 5, followed by three consecutive days of losses. Ethereum managed to maintain support at $2,935 but ultimately fell below the $3,000 threshold again. Despite a brief recovery on May 9, a 4.17% decline on May 10 erased those gains. At present, Ethereum is down 6.4% for the week, trading at $2,934.
Lesser-known altcoins like Book of Meme (BOME) and Helium (HNT) also experienced declines. BOME retested the 26-day Exponential Moving Average (EMA) after trading above it earlier in the week. The bears attempted to push BOME below the EMA, which could lead to further price declines. Currently, BOME is trading slightly above the EMA at $0.010863.
Helium also saw a decline at the beginning of the week, with a more significant drop of 19.6% on May 8. Despite a recovery attempt on May 9, HNT has struggled to reclaim the $5 price level. Selling pressure has increased, as indicated by the Accumulation/Distribution metric. Investors have deposited $2.127 million worth of HNT to exchanges since April 30, reflecting a rise in exchange inflows.
Overall, the cryptocurrency market remains volatile, with Ethereum, BOME, and HNT facing downward pressure. Investors should monitor these cryptocurrencies closely in the coming days.