Global Crypto Market Cap Decreases by 3.4% to $2.5 Trillion

On Friday, cryptocurrency markets experienced a downturn, with Bitcoin (BTC), Ethereum, and Solana leading the decline. BTC dropped by over 3.4% to $67,143 early in the day, while Ethereum saw a 4.4% decrease to $3,655. Despite the US Securities and Exchange Commission (SEC) approving spot Ether Exchange-Traded Funds (ETFs) on May 23, 2024, Ethereum's value declined. This marks the SEC's second approval of crypto Exchange-Traded Products, following the green light for Bitcoin ETFs in January 2024. Ethereum had surged by over 30% in the past week. Other major cryptocurrencies, including BNB (-3.8%), Solana (-6.3%), Dogecoin (-5.1%), Toncoin (-4.8%), Cardano (-5.2%), Shiba Inu (-6.6%), and Avalanche (-6%), also experienced declines. The global cryptocurrency market cap decreased by 3.4% to approximately $2.5 trillion within the last 24 hours, while the total crypto market volume rose to $146.74 billion, marking a 55.34% increase. Stablecoins accounted for $135.99 billion of this volume, representing 92.67% of the total crypto market's 24-hour volume, according to data from CoinMarketCap. The ongoing outperformance of ETH compared to BTC signals a positive trend as ETH's dominance strengthens.

Following the spread of profit-taking across the entire market after the approval of Ethereum ETFs, Bitcoin retreated to a significant support level of 66,500. Observations suggest that there has been a rebound from this level, indicating buying interest. If this level, which is expected to remain strong support, is breached, further selling pressure may deepen, testing levels of 64,500 and 63,000 sequentially. However, if the buying momentum persists, the first resistance level to encounter would be 68,000. If this level is breached and sustained, subsequent levels to monitor would be 69,000 and 70,700, respectively.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
70,700	69,000	68,000	66,500	64,500	63,000