Crypto On May 19: Market Remains In Red, Bitcoin Dominance Against Ethereum Continues To Rise

The cryptocurrency market continued to slide for the second consecutive day after a breather it took Tuesday. On the other hand, Bitcoin's dominance against Ethereum has reached its highest in the last seven months.

The global market cap was down 3.32 percent at $1.24trillion, as of 2.07 a.m. ET, CoinMarketCap data showed.

Bitcoin shed 2.08 percent to $29,148. Ethereum, too, plunged 3.94 percent to $1949.

WazirX's Trade Desk said, "Ethereum against Bitcoin dropped marginally as the Bitcoin dominance continued to rise and edged above 45 percent. In fact, the Bitcoin Dominance is at its highest in the last 7 months."

"The daily chart for ETH-BTC is moving along an ascending channel pattern. However, the trend is on the verge of breaking below the pattern. We could expect Ethereum to weaken further against BTC as Bitcoin dominance continues to rise," the Indian exchange told International Business Times.

Barring a slight rise in Tether and USD Coin, all other top 10 tokens plunged. Meme cryptos Shiba Inu and Dogecoin too dipped.

In other news, Maverick artist Helmut Koller has entered the NFT (non-fungible tokens) space as he showcases previews of his collection at this year's Cube Art Fair which was kicked off on Wednesday.

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