Bitcoin Forum

The cryptocurrency markets are set to end the second week of May on a low note.

The total market capitalization for all cryptocurrencies fell below $400 billion for the first time since April 26 on Friday, and has dropped 15.97 percent week-on-week. As of writing, the combined market value stands at $385 billion and could see a further decline as indicated by a head-and-shoulders breakdown pattern on the price charts.

Looking at notable individual cryptocurrencies, bitcoin (BTC) has depreciated by 12 percent week-on-week and has outperformed its closer rivals. For instance, ethereum (ETH) and EOS have dropped 15 percent each and Ripple (XRP) has declined by 34 percent.

Bitcoin's dominance rate, which represents its percentage of the total market capitalization, moved above 38 percent for the first time since late April. This likely indicates that money is possibly being rotated back into bitcoin from alternative cryptocurrencies, so BTC's relatively good performance this week is not surprising.

Names like NEM (XEM), stellar (XLM) and cardano (ADA) are ranked higher on the list of biggest losers among the top 25 cryptocurrencies by market capitalization.

The only gainers this week are two lesser-known cryptocurrencies: bytecoin (BCN) and zilliqa (ZIL).
Top weekly gainers
Bytecoin

Weekly performance: +32.70 percent
All-time high: $0.0186
Closing price on May 4: $0.006733
Current market price: $0.010005
Rank as per market capitalization: 17

Bytecoin (BCN) picked up a bid on Tuesday and rose to a fresh record high of $0.01862, according to CoinMarketCap, seemingly due to cryptocurrency exchange Binance's decision to list the cryptocurrency.

As of writing, BCN is changing hands at $0.010 - down 46 percent from record highs, but still reporting a 35 percent week-on-week rise.
Daily chart

The pullback from the record highs has neutralized the immediate bullish outlook. That said, the ascending (bullish) 5-day and 10-day moving averages (MAs) indicate the bulls are still in the game. Only a daily close (as per UTC) below $0.006 (May 8 low) would signal a bullish-to-bearish trend change.
Zilliqa

Weekly performance: +13.84 percent
All-time high: $0.2306
Closing price on May 4: $0.132311
Current market price: $0.153565
Rank as per market capitalization: 23

Zilliqa (ZIL) is the latest entrant in the list of cryptocurrencies with a market capitalization of more than $1 billion. The cryptocurrency clocked a record high of $0.2306 on May 10, according to CoinMarketCap. Its BTC-denominated exchange rate rose to a life-time high of $0.00002508 BTC yesterday and was last seen at 0.00001847 BTC on Binance.
Daily chart

Currently, the downside is being capped by the ascending (bullish) 5-day MA. The 10-day MA is also biased bullish.

However, the relative strength index (RSI) is turning lower from the overbought zone, so prices might find acceptance below the 10-day MA (currently seen in 0.000016) next week and signal bullish invalidation.
Biggest weekly losers
NEM

Weekly performance: -40.42 percent
All-time high: $2.09
Closing price on May 4: $0.431269
Current market price: $0.307124
Rank as per market capitalization: 14

NEM (XEM) fell sharply this week and is currently trading below the 50-day MA located at $0.3241, according to Poloniex.

The news flow during the week has been somewhat positive, though. For instance, Abra, the global app that allows you to buy, store, and invest in 25 cryptocurrencies, has added XEM to its platform. Further, NEM's appearance at CoinDesk's Consensus blockchain conference in New York from May 14-16 is being touted as its biggest event and has generated investor interest.

However, all that has failed to put a bid under XEM prices. It appears as though the technical failure around the $0.45 mark seems to have enticed the bears.
Daily chart

The rounding top pattern, the 5-day and 10-day MA bearish crossover and a break below the 50-day MA, as seen in the chart above, suggest scope for a further drop towards to $0.22-$0.19. The RSI is also biased to the bears and is well above the oversold territory (above 30.00), backing up the likelihood of a drop in XEM prices.
Stellar

Weekly performance: -40.22 percent
All-time high: $0.9381
Closing price on May 4: $0.43114
Current market price: $0.374065
Rank as per market capitalization: 8

Stellar (XLM) has taken a beating this week, having created multiple doji candles signaling bull exhaustion in the daily chart last week. As of writing, XLM is looking weak, courtesy of a convincing break below the key support of $0.32 and the 5-day and 10-day MA crossover. The daily RSI is also trending south, indicating a bearish setup.

So, the cryptocurrency looks set to clear the 200-day MA support, currently seen at $0.29. A close below the long-term average would expose support lined up at $0.258 (Feb. 6 low). Only a daily close (as per UTC) above $0.32 (April 25 low) would abort the bearish view.
Cardano

Weekly performance: -40.02 percent
All-time high: $1.33
Closing price on May 4: $0.360182
Current market price: $0.257219
Rank as per market capitalization: 7

Cardano (ADA) is moving more mainstream via a new partnership with Metaps Plus, one of the largest payment platforms in South Korea.

However, so far the good news has not been able to put a floor under ADA prices. ADA/USD fell to $0.2475 today - the lowest level since April 18 - and could extend losses further, courtesy of the bearish setup as seen in the chart below.
Daily chart

ADA seems to have found acceptance below the 100-day MA and the bearish bias would strengthen further if it closes (as per UTC) below $0.255 (April 25 low). The RSI is trending south and still well short of the oversold territory (hold above 30.00).

So, there is room for a further drop towards $0.18 (March 9 low). Only a daily close above the 10-day MA (seen today at $0.332) would abort the bearish view.

Too bad,  this would have been a great opportunity for me to bag some cheap coins for myself before price start to shoot up again. But unfortunately I already invested all my btc/eth on the market before the market started falling, waiting for it to pick up again..

welcome to the cryptocurrency market my newbie friend.

what you are describing here in length is simply the most common thing that has been occurring for a very long time. let me summarize that for you:
1. bitcoin drops then altcoins follow it by dropping even harder.
2. there are some altcoins every day that are getting pumped so obviously during these drops you will find one or two of them that didn't fall.

In times like this I have seen the shittiest coins "bucking the trend".
In other words, this doesn't really mean anything to me.

Every once in a while I find something worth reading when I’m surfing the bitcointalk.   Bravo… thanks for creating real content here…
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The trends are showing that the market is in the clutches of speculators.  Only speculative market can show such volatility in prices.  But in such volatility only genuine investor is the loser.  The trend setters the big ones always will gain whatever the trends ; they will earn in low as well as high markets but small investor mostly loses most of the times  ;D.
So always be alert watchful, keeping patience, gaining experience before acting.

Good traders definetely know how to make money from these fluctuations mosly arising from fuds but as most of the people in crypto are far away from even understanding basic trading, most lose their money.

There is nothing to worry. If it's too much for you then it may be better for you to leave the crypto market if you can't handle such moves.
Most of us have seen worst than this before. $1000 is nothing for most people here

Yes most of the big cryptocurrencies are dropping this week and it is the best time to grab some coins in a cheap rate because soon the price will be high. This drawdown will not last this is the sign that the market price will rise soon.

Bitcoins was the main that coin that suffers losses but even it is rising back as we can see it trading around 8000 price than the previous week. Bitcoins was the main factor that other cryptos dropped last week and as it is seen rising back so will it be with other cryptos .

Yes most of all are dropping this week. But I think it will not last for a long time. Its an effect of some news and demand and supply. So I think there is nothing to be worried. Rather HODL would be the great policy.

my sould is printed red now :(

It’s true that the price of bitcoin is down because of some incidence but this price will arise soon because we all know about the share market where price may be rise or fall so it’s quite normal so also its opportunity for them who are smart enough because they can invest money now because of low price and after few days later this money will be double.

This is rise and fall of crypto currencies means nothing. What new development/technology introduced that should matter.

Forget about 30 to 40% gains and just see the  below list in which currencies gained more than 100% in a week.

https://coinmarketcap.com/gainers-losers/

I bet , you might be hearing the name of some currencies first time.

nice

Firstly, thanks for the great write up.

Do you know what caused Zilliqa's success this week?

Bytecoin will struggle to hold ground given that it was only a short-term pump from Binance, once the hype is over it's likely to return to pre-binance levels.

Yes its a big big drop this week everwe do hope for the turn also into pump because its really frustating.But l believe bitcoin will not leave us crying.Bitcoin will surprise us soon.

Now all the coins lose in price, but you shouldn’t give up because crypingelling in the future will give us a chance to make good money

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We are still in the midst of the bearish market you can sure see that the market is on the red flag again and until this movement still continues the price of certain coins will still depreciate, There is nothing we can do but to wait for the Bull market to fight back, I really think that the price of bitcoin will even drop beyond the price of $3000 USD this year and you know the drill so is the number of Altcoins that are relying to bitcoin will also go down, The recent Bull trap had many investors settle back their investment, And I think that any analysis will see this drop as an opportunity rather than an end.

What the? I don't see the sense for your link was but I think it is off topic.

And regarding the current status of coins, we are in the bucket again it seems that the bear still exists and has a hold on this year as well, Many in the forum had thought that the bull trap was a bull run when the price reaches to $4000 USD but this is just a set up and we might still see the bottom price in the days to past, But I don't really think this movement as a bad one but for me an opportunity awaits for us to keep on investing make it a long term one.