May 2022 has turned out to be a festive month for the bears in the cryptocurrency market. Thus, following the recent fall of Bitcoin prices, altcoins have followed suit to visit their lowest support since the year 2022.
Similarly, a great deal of capital has recently left the crypto market, bringing the total market cap far back below the celebrated 3.1 trillion to somewhere around 1.9 trillion.
Ethereum, BNB, Dogecoin, and Cardano, which have been the investors’ favourites, have inevitably lost large sums in value to fall back to their lowest support in 2022.
Ethereum is the second most significant cryptocurrency after Bitcoin. Despite being second in capitalisation, ETH has been pushed down its lowest support at $2500. The bears tried so hard to break this support during the Asian session – moving prices to a lower region of $2423, possibly enabling Ethereum to visit the next strong support at $2300.
Binance Coin (BNB), the native token to the largest crypto exchange Binance, also ranked as the fourth most crucial cryptocurrency globally, has been pushed down from its lower support at $360 to as low as $346 during the Asian session today. The price fall has opened the possibility for it to visit support at $300.
Elon Musk champions Dogecoin to become the next Bitcoin. It has broken its strong support of $0.1230 to test a new low at $0.1209, possibly testing its next strong support at $0.1110.
Cardano (ADA) prices pushed down from their support at $0.7850 to a new all-time low of $0.7049, with the possibility of the next support at $0.3380.
Above all, the recent fall experienced in cryptocurrency at the moment was engineered by the recent hike in interest rates by 50 basis points last week during the Fed’s session. Investors hurry to withdraw their assets from risky investments such as cryptocurrency into a lower risk investment with little return or interest rates, which is now the US dollar.
