Crypto Market Decline: Trends and Key Insights

Current State of the Crypto Markets

As of May 28, the world of cryptocurrencies is caught in a storm, with every top ten coin on CoinMarketCap feeling the pinch. Notably, altcoins like Cardano (ADA) and Bitcoin Cash (BCH) are staggering, reporting losses up to a staggering 30% over the past week. It’s a tough time to be a digital currency enthusiast.

The Bitcoin Blues

Bitcoin has taken quite the beating, down around 35% over the last month. It has plummeted to a monthly low of $7,259—a real fall from grace considering it flirted with the glorious $10,000 mark only a few weeks ago. If Bitcoin were a person, you’d want to send it a condolence card right now.

Ethereum’s Downward Spiral

Meanwhile, Ethereum (ETH) isn’t faring much better, dropping 20% in a week and currently trading at $536. It seems that both Bitcoin and Ethereum are engaged in a fierce competition to see who can taste the most red this week. Spoiler alert: they’re both losing.

Market Cap Mayhem

The total market capitalization for cryptocurrencies has seen a jaw-dropping loss of $85 billion over the last month, posting a current total of $313 billion. That’s like losing the GDP of a small country in a matter of weeks—not exactly a comforting thought for investors.

Silver Linings in a Gloomy Market

Despite the sea of red, there are glimmers of positivity lurking beneath the surface. Key Bitcoin indicators such as hashrate and the number of Segregated Witness (SegWit) transactions are on the rise, suggesting that not all hope is lost for the granddaddy of cryptocurrencies. As of May 27, the Bitcoin network hashrate stands at around 35.75 petahash per second—a technical term for “still kicking.”

Words of Wisdom from Crypto Experts

Ran Neuner, host of CNBC’s Cryptotrader, made a noteworthy observation on May 27: while Bitcoin has shed about 50% in 2018, it’s still riding high with a whopping 700% increase since January 2017, when it was valued at just $1,000. So, if you’re feeling down because of your dwindling crypto portfolio, take heart; remember, it’s all about the long game!