Top 3 reasons why the crypto market is down today
The crypto market retreated after Thursday’s trading session, with Bitcoin falling to a low of $100,470, marking its lowest point since May 8 and 10% below its highest level this year. Below are three reasons why the crypto market was trading lower.
1. Profit taking
Bitcoin (BTC) and most altcoins pulled back due to profit-taking among investors after the recent rally. BTC had climbed roughly 50% from its April low to its May high.
Similarly, Ethereum jumped 100% from its April lows to the highest point in May. Many smaller coins, including Dogwifhat and Fartcoin, were up over 300%. It is common for cryptocurrencies to retreat after a strong surge.
Ryan Lee, Chief Analyst at Bitget Research, said in a…
