Cryptocurrency bitcoin has fallen to its lowest level in two weeks

Over the past four days, the value of the flagship cryptocurrency has reached $ 29,700, but then fell by more than $ 2,000, hitting a two-week low.

On the evening of May 9, the price of BTC dropped to $ 27,410 for the first time since April 25. According to CoinGecko, the asset’s market capitalization is $ 532 billion, with a daily trading volume of $ 14.7 billion.

Ethereum is trading at $ 1,840, down 0.3% over the past 24 hours. Quotes of leading altcoins also experienced a slight drop: Cardano (ADA) fell by 0.9% to $ 0.36, Solana (SOL) — by 0.2% to $ 20.56, Polygon (MATIC) — by 1.9% to $ 0.87.

The total market capitalization of cryptocurrencies increased by 0.1% to $ 1.186 trillion over the day, with daily trading volumes amounting to $ 36 billion. On May 10, the Fear and Greed Index stood at 52 points, indicating neutral sentiment among digital asset market participants.

It is worth noting that the volume of daily transactions in the Cardano network exceeded BTC and ETH, reaching $ 13 billion. According to analysts, ADA has taken a leading position among blockchains due to the rapid growth of transaction fees — fees in the BTC network have soared to almost $ 20. The last time they were at this level was in April 2021. Fees are growing amid growing interest in the Ordinals protocol and increased demand for BRC-20 tokens issued on the BTC blockchain.