Crypto On May 16: Investors Buy The Bitcoin Dip; Solana, Cardano Rise

The cryptocurrency market dipped slightly Monday as most of the top tokens bounced back into the red. Solana and Cardano, however, gained. As per industry analysis, investors are buying the Bitcoin dip as exchanges saw a rise in buying momentum.

The global market cap was down 0.21 percent at $1.27 trillion, as of 5.36 a.m. ET, CoinMarketCap data showed.

Solana surged 2.95 percent to $53.06. Cardano gained 3.63 percent to $0.5596. Tether too rose slightly.

On the other hand, most of the top 10 tokens dipped slightly. Bitcoin fell 0.57 percent to $29,534. Ethereum, too, dipped 1.14 percent to $2006.

"The exchanges saw a rise in the buying momentum as investors looked to make use of this opportunity and buy at a dip," WazirX trade desk told International Business Times.

"The next resistance for BTC is expected at $40,000 and immediate support is expected at $24,000," the Indian exchange added.

Raj Kapoor, chief growth officer at aCryptoverse, said, "After the price of Bitcoin dropped below $30,000, its price corrected when evangelists “bought the dip,” or entered the market at a discounted rate. I also believe that amidst its day-to-day turbulence, Bitcoin will continue its zoomed-out growth pattern that it has displayed over the last decade."

About Ethereum, the WazirX trade desk said: "Ethereum against Bitcoin continued to consolidate around the 0.068 level after sliding by nearly 8% in the past week after Bitcoin’s Dominance index surged above 44 percent and the Altcoin market dropped considerably compared to Bitcoin in the last week."

Terra LUNA dipped 35.71 percent in the last 24 hours to $0.0002105, which was at least above the $0 mark it touched Friday.

In other news, Polygon-based ecosystem Elite Token, which unites the mobile industry, metaverse, influencers, NFTs and Play2Earn, has announced its partnership with Elimobile to launch its first-ever telco that uses blockchain and tokenization.

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