Price analysis 5/9: BTC, ETH, BNB, XRP, SOL, ADA, LUNA, DOGE, AVAX, DOT

Price analysis 5/9: BTC, ETH, BNB, XRP, SOL, ADA, LUNA, DOGE, AVAX, DOT


Global equity markets extended their decline on May 9 and the S&P 500 fell to a new 52-week low. Bitcoin (BTC) dropped to a new year-to-date low and most major altcoins extended their decline as they tracked the weakness in the stock markets.

Data from blockchain analytics firm Glassnode shows that Bitcoin inflows to centralized exchanges have risen to more than 1.7 million coins, the highest since February. This suggests that whales may be dumping their holdings as they anticipate an extended downtrend.

Daily cryptocurrency market performance. Source: Coin360

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Several analysts expect the crypto markets to enter a capitulation phase which generally marks a bottom. Analyst Dylan LeClair highlighted that previous market bottoms during bear markets happened when Bitcoin dropped to its realized price (average on-chain cost basis).

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