Cryptocurrency Price on May 13: Bitcoin holds above $61.1k; Solana, Dogecoin decline up to 5%
Cryptocurrency markets witnessed a downturn in Monday's trading session, with Ethereum, Solana, and XRP leading the decline. The global cryptocurrency market cap also decreased by 1.1% to approximately $2.23 trillion within the last 24 hours.
As of 11:50 a.m., Bitcoin was trading marginally higher at $61,150, while Ethereum experienced a 1.15% drop to $2,889. Additionally, altcoins like Solana (-5.2%), XRP (-2.6%), Dogecoin (-3.9%), Shiba Inu (-3.6%), Cardano (-2.7%), and Avalanche (-4%) followed suit in the downward trend.
«Bitcoin trades at the $61,000 level over the weekend. BTC could not hold its recovery the last week with increased liquidations. Bulls are defending at the $59,600 level, however they should push Bitcoin above the $62,600 level to continue the upward trend. The next support now lies at the $60,520 level and then $59,600 and the resistance lies at the $62,500 level and then $63,100 level,» said Edul Patel, CEO of Mudrex.
Meanwhile, Rajagopal Menon, Vice President at WazirX, said, «With Bitcoin now trading close to $61,000 heightened selling pressure demands a crucial support hold at $60,000 to avert further declines. Failure to sustain higher levels has significantly dampened bullish sentiment,
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