Crypto On May 27: Market Remains Bearish But Backing From Global Economies Continues

The cryptocurrency market remained bearish Friday with most of the top tokens trading lower. Despite the current bearishness, U.S. Federal Reserve’s Vice-Chair, Lael Brainard reinvigorated confidence in crypto.

The global market cap was down 4.15 percent at $1.20trillion as of 3.48 a.m. ET, CoinMarketCap data showed.

Bitcoin was down 2.16 percent at $29,040. Ethereum witnessed a major fall as it shed 7.67% to $1776.

According to WazirX's analysis, ETH against BTC also dropped and lost around 6 percent as Bitcoin’s dominance index surged above 46 percent. "The next support for ETH-BTC is expected at 0.055 level."

Barring a slight uptick in Tether and Binance USD, all other top 10 tokens plunged. Meme cryptos Shiba Inu and Dogecoin slid too.

Even as the market continued to remain bearish, global economies are supporting and backing the sector.

Amidst market uncertainties, the US Federal Reserve’s Vice-Chair, Lael Brainard has reinvigorated confidence in crypto, seeing the necessity of a central bank digital currency of the US dollar and its position to coexist with stablecoins.

As crypto adoption continues to rise, leading banking giant JP Morgan said that crypto assets have replaced real estate as a “preferred alternative asset class."

Commenting on the same, CoinDCX said, "Despite the bearish crypto market, the backing and belief in the value and importance of digital assets from the world's largest economy attest to the central role that crypto will continue to play in the future of finance."

The crypto market is extremely volatile and experts recommend investors not make decisions based on the sudden shift in prices.