Leading cryptocurrencies dipped on Wednesday as investors took profits on the recent advances.
| Cryptocurrency | Gains +/- | Price (Recorded at 9:30 p.m. ET) |
| Bitcoin BTC/USD | -0.62% | $103,341.39 |
| Ethereum ETH/USD |
-1.75% | $2,595.81 |
| Dogecoin DOGE/USD | -4.66% | $0.2310 |
What Happened: Bitcoin wiggled between $103,000 and $104,000 throughout the day, even as trading volume for the coin dipped nearly 12% in the last 24 hours.
Ethereum slipped below $2,600 in a wave of profit-taking after the second-largest cryptocurrency pushed beyond a 10-week high of $2,700 the day before.
Over $280 million was liquidated from the cryptocurrency market in the last 24 hours, with bullish long bets accounting for 76%.
Meanwhile, nearly $500 million in Bitcoin shorts risked liquidation if the apex cryptocurrency rallied to $106,000.
Bitcoin’s Open Interest fell 1.87% in the last 24 hours, while bets against the cryptocurrency in the Binance derivatives market stayed more than 50%
The magnitude of “Greed” sentiment fell from 73 to 70, according to the Crypto Fear and Greed Index.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 9:30 p.m. ET) |
| Helium (HNT) | +7.32% | $4.22 |
| Quant (QNT) | +2.09% | $100.01 |
| UNUS SED LEO (LEO) | +1.97% | $8.88 |
The global cryptocurrency market capitalization stood at $3.34 trillion, following a dip of 1.90% in the last 24 hours.
Disclosure: 82% of retail CFD accounts lose money
The S&P 500 extended its gains on Wednesday. The broad-based index rose 0.10% to close at 5,892.58, while the tech-focused Nasdaq Composite gained 0.72% to end at 19,146.81. The Dow Jones Industrial Average fell for the second straight day, losing 89.37 points, or 0.21%, to end at 42,051.06.
Nvidia Corp. NVDA contributed to the tech rally, jumping more than 4% on news that it would export semiconductor chips to Saudi Arabia.
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Analyst Notes: On-chain analytics firm CryptoQuant noted that Bitcoin’s rally has resulted in a renewed interest among retail investors.
Retail investors are those with balances ranging from $0 to $10,000.
“From April 28th, when this trend turned positive, until May 13th, there has been a +3.40% increase in purchases by this group,” CryptoQuant said. “As they enter the market, they tend to create a positive feedback loop, reinforcing bullish narratives and increasing buying pressure.
Conversely, cryptocurrency analyst and trader Ali Martinez warned of a “brief pullback” for the leading cryptocurrency, citing an overbought Relative Strength Index.
Photo Courtesy: Igor Faun on Shutterstock.com
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