Crypto Market Tumbles Again as Top Tokens Drop, While Terra-Based Projects Thrive
Yet after a minor breakout, the Bitcoin price today again fell below INR 23 Lakh & Ethereum heading close to INR 1.5 Lakh. No doubt the asset is trying to recover, yet the bear holds significant dominance. On the other hand, most of the Altcoins also fell down, notably indicating a small correction.
Interestingly, the projects on the Terra Blockchain have spiked with eye-catching numbers. Anchor Protocol (ANC) & Mirror Protocol (MIR), both have surged by 87.81% and 70.81% respectively. While Terra (LUNA) continues to head deep towards the south by plunging 19.86% and TerraUSD(UST) stablecoin continues to drop by more than 6%.
CRYPTO PRICES TODAY
| Price Trend | Price for May 16, 2022 | Percentage change |
| The global crypto market cap | $1,262,575,329,579 | – |
| The total crypto market volume | $83,356,396,464 | – |
| Bitcoin Price | $29,342.25 | -3.03% |
| Ethereum Price | $2,078.39 | -2.70% |
*All prices are latest by 11:00, 16 May 2022.
Check out the Latest Crypto Prices, Charts, and Data of your favorite coin.
CRYPTO PRICE& TECHNICAL ANALYSIS FOR THE DAY
MIRROR PROTOCOL (MIR)
The start of the year 2022 was extremely bearish for the asset, as the price faced a 54% drop in the first month. However, the asset continued to rise by more than 100% in the next month and later consolidated for March. Since the beginning of April, the price ignited a step bearish trend which dragged the price from INR 138 to as low as below INR 20. Currently, the price is consolidating within a narrow range that may end up in a significant upswing soon.
Short-Term (1hr)The MIR price is ranging significantly high since the previous trading day and may continue for the next couple of days Mid-Term (4hr)The volume appears pretty less but dominated by buyers and hence could range high slowly yet steadily Long-Term (D)MIR price after a month-long bearish trend may flip the descending trend very soon and head towards the immediate resistance.
Additional Read: Mirror Protocol Price Prediction in detail
TOP GAINERS AND LOSERS TODAY
TOP 3 CRYPTO GAINERS
| Crypto | Price* | Percentage Change |
| Mirror Protocol (MIR) | INR 41.69 | +92.17% |
| Loopring (LRC) | INR 47.24 | +12.96% |
| Ethereum Classic (ETC) | INR 1816.51 | +5.33% |
*All prices are latest by 11:30, 23 May 2022.
TOP 3 CRYPTO LOSERS
| Crypto | Price* | Percentage Change |
| Mirror Protocol (MIR) | INR 24.94 | -4.49% |
| Kava (KAVA) | INR 209.72 | -7.46% |
| SuperFarm (SUPER) | INR 17.64 | –2.13% |
*All prices are latest by 11:30, 23 May 2022.
Crypto Market Buzz
Institutional Investors go bullish on Cardano and Polkadot as Bitcoin outflows.
According to a leading digital asset manager, some institutional investors have set their eyes on Cardano (ADA) and Polkadot (DOT) to de-risk against Bitcoin as a hedging strategy. According to research by CoinShares, Institutional investors pumped $1 million apiece into Polkadot and Cardano while also investing $700,000, $500,000 and $100,000 in XRP, Solana (SOL) and Litecoin (LTC) products, respectively, according to CoinShares.
Source: The Daily HODL
Web3 News Global
PayPal, a global payment platform envisions to adopt major crypto and blockchain services
The VP of PayPal, Richard Nash said that they are striving hard to integrate all possible crypto payments within their system, at the World Economic Forum held on 23rd May, 2022. Richard also hinted that he is a crypto asset investor. PayPal has already rolled out their buy and hold BTC service and users can expect an array of crypto integrations in the future. In addition to adopting crypto as one of the major payment options, Paypal is also planning to launch its own ‘PayPal’ coin.
Source: CoinTelegraph
Crypto News Global
FTX Token ranks second in holdings amongst Ether Whales.
While we have been hearing news of a market shakedown, sources have reported that the FTX token has caught the attention of Ether investors. Investors who have Ether holdings have steadily invested in the FTX token and the patterns of their investment in the token add up. Even though the Stables are going through a red patch investors still have their faith in some of these and this is evident as the top 10 purchases have topped USDC.
Source: Bitcoin List
NEW COIN LISTING ON COINDCX
| New Coin | Market Capitalization | Circulating Supply |
| KLAY Price | $1,357,759,264 | 2.84Bn KLAY |
| GMT Price | $842,476,520 | 600,000,000 GMT |
| STORJ Price | $224,822,755 | 78,532,276 STORJ |
| JASMY Price | $61,394,244 | 4,754,930,780 JASMY |
*All prices are latest by 11:30, 23 May 2022.
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