Today's cryptocurrency market is experiencing a broad decline, with none of the top ten cryptocurrencies spared. Ethereum (ETH) saw the largest drop of 4.8%, priced at $2386; Bitcoin (BTC) had a relatively moderate decline of only 0.9%, currently priced at $103,011, having retreated from an intraday high of $106,518.
Among the top 100 cryptocurrencies, only 4 have risen. Virtuals Protocol (VIRTUAL) increased by 4.5% to $1.82, showing strong performance; Bittensor (TAO) dropped by 7.1% to $399, Ethena (ENA) fell by 6.1% to $0.3569, leading the declines.
In the past 24 hours, $669.12 million in market liquidation has triggered this price adjustment. However, there are also positive aspects in the market, with Virtuals Protocol based on Base announcing favorable news, driving the token price up.
Technically, if Bitcoin breaks below the $100,000 psychological level or the $98,000 support level, it may continue to decline, with the $93,000 - $95,000 range potentially becoming important support. The current market sentiment is optimistic, with a fear and greed index of 71, but caution is needed regarding overheating risks. The spot BTC ETF continues to see inflows, reaching $608.4 million as of May 16, with BlackRock's IBIT performing outstandingly, while institutional investor Metaplanet has increased its BTC holdings, reflecting confidence.
Short-term trading advice is to focus on the $93,000 - $95,000 support level, waiting for stabilization before entering; long-term investors may consider buying on dips while keeping an eye on ETF fund flows and policy dynamics.
