Bitcoin recently dipped below the $27,500 mark, effectively neutralizing the gains previously sparked by U.S. inflation data. This trend has been developing over the last month, following Bitcoin’s peak above $30,600 in mid-April. Data collated by Santiment suggests a decrease in social media discussions around top crypto assets, including Bitcoin, which saw an 18% drop. This has contributed to a decrease of 7.57% in Bitcoin’s price and a 3.95% drop in Ether’s price over the past month.
Many attribute this significant 30-day decline to changing macroeconomic conditions and interest rate hikes imposed by the US Federal Reserve. Interestingly, nearly 44% of traders surveyed believe that crypto markets peaked in April, indicating a lack of confidence in further price increases. This perception, however, contrasts with the bullish divergence shown in Bitcoin’s whale accumulation chart. Bitcoin’s large wallet holders, or whales, have acquired 0.29% of the Bitcoin supply from April 10 to May 10, possibly anticipating a rebound.
In light of the recent market slump, several cryptocurrencies may still be good potential investment prospects. AiDoge, a project that combines the virality of meme coins with the practical utility of artificial intelligence (AI), has garnered attention with its presale raising over $5.8 million in funding. By leveraging AI technology to generate memes, AiDoge has introduced the unique “meme-to-earn” concept, providing a unique income stream for meme creators.
Meanwhile, Pepecoin, despite undergoing a significant correction phase lasting nearly a week and a 69% drop from its all-time high, may still be worth considering as a cryptocurrency investment. The meme coin Sponge has expanded its reach, with Bitget and Gate set to list the token on Friday, following its recent MEXC listing. Coinbase ranks these two exchanges in the top ten for the highest visitor traffic among global exchanges, which may propel Sponge’s growth.
Other cryptocurrencies worth considering include Bitget Token (BGB), yPredict’s AI-Powered Trading Platform Presale, Cosmos (ATOM), and DeeLance. These offer various benefits to their holders, such as unlocking premium features and providing passive income. As cryptocurrency markets continue to evolve and investors look for new opportunities, understanding the pros and cons of each option is crucial in making well-informed decisions in this dynamic landscape.
Source: Cryptonews
