Major Cryptocurrencies Make a Comeback after a Disastrous Week

Major Cryptocurrencies Make a Comeback after a Disastrous Week

Crypto News News
May 20, 2022 by Elias Powell
56
After a disastrous week, the major cryptocurrencies have finally started making a comeback. The beginning of May was proving to be a brighter one for the major cryptocurrencies until the second week of May began. From the beginning of the second week of May until its very last breath, things have been really dire for
cryptocurrency-3409725_1280 (1)

After a disastrous week, the major cryptocurrencies have finally started making a comeback. The beginning of May was proving to be a brighter one for the major cryptocurrencies until the second week of May began.

From the beginning of the second week of May until its very last breath, things have been really dire for the major cryptocurrencies. They have experienced huge dips in their prices and the entire crypto community was worried because of the phenomenon.

While some issues are extremely serious and have lasted really long, there are short-term cases that have caused huge damage to major cryptocurrencies.

If we look at the major and long-term issues, it is the Russia-Ukraine war taking a toll on cryptocurrencies. Then comes the Chinese regulatory crackdown on banning cryptocurrencies.

Then there is the US regulatory framework implementation that is growing stricter by the year. Another major hiccup for the crypto sector in the United States is the surges in the interest rates as well as inflation rates.

While the cryptocurrencies were getting used to the ongoing issues, the Terra network came in, ruining the situation for all major assets. Due to the problem, all major cryptocurrencies experienced dips and are now moving towards their recoveries.

Time to look at the dips recorded for major cryptocurrencies and see how much they have recovered by now.

Bitcoin (BTC)

On May 5, Bitcoin’s trading price was at $39,661.15 and by May 12, its price dipped to $26,852.07 experiencing around a 32% dip. From May 12 until now, Bitcoin has grown by 11%, coming up to $29,911.27.

Ether (ETH)

For the same period, Ether saw a 38% dip coming down to $1,806.56. From the low price until now, Ether has rebounded to $2057.83. Ether’s current valuation is worth $248,562,550,773.

Binance Coin (BNB)

Binance Coin currently stands at $297.29 after a 33% rebound from a low value of $223.13. Binance Coin experienced a strong impact pulling it down by 44% from its high of $400.

XRP (XRP)

XRP also went down from its price of $0.653 to a low value by May 12. Its value also witnessed a 44% dip, coming down to $0.3667. Then a rebound brought its price back up to $0.4255 after experiencing a 16% surge.

Cardano (ADA)

Cardano experienced the worst dip as it went down from $0.9012 to $0.4153 experiencing a 54% dip. Then came the rebound with a 33% strength, pushing Cardano to $0.5519.

Skip to content