Cryptocurrency Price Today: Bitcoin has been trading at the below $40,000 mark for a week now and on Monday, May 2, the world’s largest cryptocurrency could not cross that level. At the time of writing this article, bitcoin price today was standing at $38,912.05, according to data from CoinMarketCap. This was up by 2.26 per cent over the last 24 hours and by 1.23 per cent in the last seven days. Bitcoin prices have remained volatile amid choppy markets fueled by the Fed’s hawkish views and Russia Ukraine war.
“BTC (Bitcoin) has been trading below the psychological level of $40,000 over the past week with low volumes. The weekends were choppy as the asset witnessed a fall on Saturday and recovered on Sunday. BTC is up by 1.68 per cent over the past 24 hours. Its dominance is currently at 42.25 per cent and the market capitalization is $736 billion. At the time of writing BTC was trading at $38,678,” said the WazirX trade desk in a note to news18.com.
“The inflation numbers in the US are at 40 years high and the hawkish Federal reserve is taking tough steps to neutralize its impact. The interest rate hike of almost 50 bp is expected this week which has spooked the traditional and crypto markets, globally. Bitcoin has been trading below the $40,000 mark for quite some time and hit the lowest level in 2 months in yesterday’s trade,” said Shivam Thakral, CEO of BuyUcoin.
Ether price today rose by 2.08 per cent to trade at $2,838.36 at the time of writing this article. Altcoins have also seen a significant dip over the past few days amid expectations of the US Federal Reserve hiking interest rates.
“The most popular altcoin Ether also lost some momentum to settle at the $2800 level. Altcoin space has also witnessed a significant downturn with Solana, Ripple, Terra, Cardano, Dogecoin, Polkadot, Avalanche, and Shiba Inu deep in the red,” said Thakral.
The global cryptocurrency market cap also rose by 1.73 per cent to stand at $1.75 trillion, data from CoinMarketCap showed on Monday. “There is no relief in sight for the financial markets till the next FOMC meeting. The overall crypto market volume is $80.32 billion, a decrease of 6 per cent, and total crypto market cap is up by 1.44 per cent and currently stands at $1.74 trillion,” added Thakral.
Here are the top 10 cryptocurrencies and their prices on May 2, 2022 (data from coinmarketcap.com)
Bitcoin $38,912.05 or 2.26 per cent gain in the last 24 hours
Ethereum $2,838.36 or 2.08 per cent gain in the last 24 hours
Tether $1.00 or 0.01 per cent loss in the last 24 hours
BNB $389.45 or 1.04 per cent gain in the last 24 hours
USD Coin $1 or 0.03 per cent loss in the last 24 hours
XRP $0.6226or 5.19 per cent gain in the last 24 hours
Solana $88.82 or 0.86 per cent loss in the last 24 hours
Terra $82.90 or 2.37 per cent gain in the last 24 hours
Cardano $0.7866 or 1.64 per cent gain in the last 24 hours
TerraUSD $0.9997 or 0.15 per cent loss in the last 24 hours
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