After Weekend Crash, Cryptos to Rebuild Momentum
24 May, 2021 CryptoParrot
Cryptos Gutted During Weekend
The downturn of cryptocurrencies continues. Over the weekend, the market suffered yet another round of losses, erasing over $1.2 trillion of its market cap. The dent of over 45% of an entire market over 48 while disturbing it is not unheard of in such a volatile market as crypto.
With such impactful losses, the new week started with an optimistic outlook. Monday greeted traders with positive results, with the major tokens and coins trying to reconquer newly-minted resistance levels.
The baffling results made waves across social media. Even the friend-now-foe of cryptocurrencies Elon Musk, singled out by enthusiasts as one of the key factors to this reversal in market mood, showed a surprisingly, yet timid, support for cryptos. The "Dogefather" flipping positions regarding crypto, while not beneficial for this run cannot be considered the only reason why all major cryptos failed, including Musk's prefered coin, DOGE.
The week ahead for crypto traders is up in the air. While BTC, ETH and DOGE already recovered partly from the massacre of the weekend, it is still too early to consider this a mere dip or a market trend reversal. No matter what the future holds, stay tuned to Crypto Parrot for more news regarding cryptocurrencies
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