Crypto prices today (May 13) are in decline after yesterday’s market rebound. The crypto market has seen a dip of 1.34% to $3.39 trillion, with top cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) experiencing notable downturns.
Amidst the market slump, XRP has stood out by becoming the top gainer of the day. Other tokens like UNUS SED LEO, Four, Litecoin, PAX Gold, and Tether Gold have also performed well, bucking the overall negative trend.
On the flip side, Pi Network, Kaspa, Ethena, Dogwifhat, VeChain, and Official Trump have led the decline, facing significant losses and becoming the top losers of the day.
Crypto Prices Today (May 13): Why is the Market Down?
Notably, the crypto market has been on a wild ride recently, with prices swinging dramatically. Triggered by the US-China trade deal, the crypto market experienced a massive uptrend yesterday. However, the market has since pulled back, with major cryptocurrencies facing severe corrections today.
The Bitcoin price, which surged past $105k yesterday, corrected to a key trendline support at $102k. The current crypto dip is a predictable correction, and experts attribute it to its correlation with the S&P 500 index. While stocks have benefited from the US-China trade deal and fading tariff uncertainty, the BTC/SPX ratio declined by nearly 5%. This suggests that Bitcoin is currently acting like a risk asset, similar to stocks.
At the same time, other cryptocurrencies have also experienced notable corrections driven by increased profit-taking and sell-offs. Ethereum price, which stood at $2,563 last day, dipped by 3.95% to $2,468. Binance Coin (BNB) and Solana (SOL) have also seen notable plummets of 1.98% and 4.07% over the past day.
Today’s Top Gainers
Despite the broader market decline, XRP secured a 4% hike over the last 24 hours and a staggering 19.4% increase over the past seven days.
Other top gainers include:
Four (FORM)- $2.83 (3.8%+)
UNUS SED LEO (LEO)- $8.60 (3.7%+)
PAX Gold (PAXG)- $3,266 (0.40%+)
Tether Gold (XAUt)- $3,260 (0.28%+)
Litecoin (LTC)- $103.24 (0.10%+)
Today’s Top Losers
Pi Network (PI) is the top loser with a massive drop of 25% in its price. Other losers include:
Ethena (ENA)- $0.3752 (12.86%-)
Kaspa (KAS)- $0.113 (11.65%-)
Dogwifhat (WIF)- $1.13 (11%-)
VeChain (VET)- $0.03018 (10.77%-)
Official Trump (TRUMP)- $12.75 (10.64%-)
The post Crypto Prices Today (May 13): Bitcoin Dips To $102K, ETH Below $2.5K, Here’s Why appeared first on CoinGape.