Crypto On May 20: Market Back In Green, Analysts Foresee Increased Momentum Ahead

The cryptocurrency market turned green Friday following the bleeding if suffered the previous day. Industry analysts speculate that the crypto markets have bottomed out and a reversal is just around the corner.

The global market cap was up 3.34% to $1.28 trillion as of 3.52 a.m. ET, CoinMarketCap data showed.

Bitcoin rose 3.71% to $30,231. Ethereum, too, surged 4.05% to $2,027. Barring a slight dip in Binance USD, all other top 10 tokens gained. Meme cryptos Shiba Inu and Dogecoin too rose as market buoyancy lifted up all most cryptos.

"Analysts speculate that the crypto markets have bottomed out and a reversal is just around the corner," WazirX Trade desk commented.

"We could expect a bounceback from this level in the coming days. The next resistance for BTC is expected at $40,000 and an immediate support is expected at $24,000," the Indian exchange told International Business Times.

Further, WazirX noted that Ethereum continued to drop against Bitcoin as the latter's dominance rose to newer levels.

"Ethereum’s much-awaited 2.0 update will go to testing on its largest Testnet named Ropsten. The ETH upgrade was postponed to later this year. The next resistance for ETH-BTC is expected at 0.077 and immediate support is expected at 0.064 levels," the WazirX trade desk said.

In other news, despite the violent sell-off in Bitcoin, Microstrategy CEO Michael Saylor remains bullish about the world's top cryptocurrency for the long term and said his strategy is to buy and hold.

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