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The Bitcoin price is hovering just at $35,000, and traders are merely watching the drop from the sidelines.
On May 28, the cryptocurrency market saw a new wave of selling pressure as the price of Bitcoin (BTC) fell to $35,100, and traders seemed to be mostly uninterested in buying the fall ahead of the weekend.
Despite the market’s recent downturn, institutional investors have remained steadfast in their commitment to cryptocurrencies, but the lack of ‘we bought the drop’ headlines has regular traders wondering if Bitcoin price will fall lower.
While some experts believe Bitcoin might go as low as $20,000 in the worst-case scenario, the general price trajectory of BTC remains biased to the upward, with the weekly pattern of higher lows remaining intact.
#BTC has already set in a Higher Low on the Weekly
— Rekt Capital (@rektcapital) May 28, 2021
Altcoins take a tumble alongside Bitcoin
Altcoins fell dramatically on Friday as market uncertainty ahead of the Memorial Day weekend led to minimal trading, and the present risk-averse atmosphere lessened the impact of big announcements such as Polygon (MATIC) merging its datasets into Google Cloud technology.
— Polygon (previously Matic) (@0xPolygon) May 28, 2021
Despite the market’s overall decline, a few tokens managed to rise. Helium (HNT) rose 28% to a new all-time high of $23.01 following a tweet reporting that the project has reached 45,000 active hotspots worldwide that provide decentralized wireless coverage for internet of things (IoT) devices.
— Helium (@helium) May 28, 2021
MaidSafeCoin (MAID) also saw a 20% rally to hit an intraday high at $0.52 after the launch of its v2 testnet and Zcash (ZEC) gained 5% and now trades at $159.
The overall cryptocurrency market cap now stands at $1.567 trillion and Bitcoin’s dominance rate is 42.8%.