News Report
May 26, 2022

MPost Markets: Cryptocurrencies enter period of consolidation

Bitcoin is stabilizing, but there’s not much more positive news regarding the current cryptocurrency markets situation. On the plus side, both Bitcoin and BNB are experiencing a seven-day uptick in prices.

However, all major cryptocurrencies remain in the red, with Bitcoin trading at $29,164.71 at the time of writing, 2.13% down from yesterday. Ethereum is experiencing a more severe drop of 7%, from yesterday’s price of $1,976 down to $1,837.87 and suggesting lower on-chain activity.

According to a recent report by the Glassnode team, markets are now entering a period of consolidation. Considering “the longest continuous string of red weekly candles in history,” Glassnode fears further downsides down the road.

“Looking on-chain, we can see that both Ethereum and Bitcoin blockspace demand has fallen to multi-year lows, and the rate of burning of ETH via EIP1559 is now at an all-time-low,” the report states. “Coupling poor price performance, fearful derivatives pricing, and exceedingly lacklustre demand for block-space on both Bitcoin and Ethereum, we can deduce that the demand side is likely to continue seeing headwinds.”

Avalanche AVAX and Zcash ZEC are experiencing a significant fall in prices of more than 14%. While TerraUSD UST managed to gain some of its price back, it’s again in the red with a price of $0.09, meaning there is still a long way to go before it reaches $1, and the fall of 13.51% is not doing the stablecoin any favors.

Crypto’s used in the NFT space are also not doing much better. Apart from The Sandbox’s SAND, which has experienced a 5.7% raise, all other coin prices are dropping. Flow slid 6.45%, ApeCoin APE 10.11%, Decentraland’s MANA 2.37%, while Tezos 5.04$.

Read related posts:

Disclaimer

Any data, text, or other content on this page is provided as general market information and not as investment advice. Past performance is not necessarily an indicator of future results.


The Trust Project is a worldwide group of news organizations working to establish transparency standards.

Karolina is a writer and journalist with a background in literary studies. She loves exciting tech solutions and art, and NFTs are often a perfect amalgamation of the two. Outside of work, she’s a plant mom, a vintage fashion enthusiast, and a gamer.

More articles
Karolina Gaszcz
Karolina Gaszcz

Karolina is a writer and journalist with a background in literary studies. She loves exciting tech solutions and art, and NFTs are often a perfect amalgamation of the two. Outside of work, she’s a plant mom, a vintage fashion enthusiast, and a gamer.

Hot Stories
Join Our Newsletter.
Latest News

CGV Research: Telegram Open Network’s (TON) Technological Advancements and Future Prospects

TL;DR TON’s Past In 2018, founders of Telegram — the Durov brothers, began exploring blockchain solutions suitable ...

Know More

20 Most Underrated AI Startups in 2023: Ranked by Funding

AI remains a constant focal point for investors and entrepreneurs alike. While the spotlight often falls on ...

Know More
Join Our Innovative Tech Community
Read More
Read more
Web3Auth and Google Cloud Unveil Firebase Extension for Web3 Onboarding
Business News Report
Web3Auth and Google Cloud Unveil Firebase Extension for Web3 Onboarding
October 2, 2023
Kenyan MPs Demand Shutdown of Worldcoin’s Crypto Venture in Kenya
News Report Technology
Kenyan MPs Demand Shutdown of Worldcoin’s Crypto Venture in Kenya
October 2, 2023
Grayscale Seeks SEC Approval to Convert Ethereum Trust into Spot ETF
Markets News Report
Grayscale Seeks SEC Approval to Convert Ethereum Trust into Spot ETF
October 2, 2023
Base Network TVL Drops Amidst USDC Burn, zkSync Era Takes Over
News Report
Base Network TVL Drops Amidst USDC Burn, zkSync Era Takes Over
October 2, 2023
What You
Need to Know

Subscribe To Our Newsletter.
Daily search marketing tidbits for savvy pros.