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.
On the other hand, Ether, the coin linked to the ethereum blockchain and the second largest cryptocurrency, also gained marginally to $2,843. Meanwhile, dogecoin price today was trading about 0.5% lower at $0.13 whereas Shiba Inu plunged more than 3% to $0.000021.
Other digital tokens’ performance were also mixed as Solana, Stellar, Polkadot, Cardano, Uniswap, Polygon, Tron slipped while Terra, XRP, Avalanche, Litecoin prices were trading with gains in the range of 1-3% over the last 24 hours.
Bitcoin has been struggling along with risk assets in recent months. It’s largely traded in a range of $35,000 to $45,000 this year as the Federal Reserve started hiking interest rates amid stubbornly high inflation. After hitting an all-time high of almost $69,000 in November, Bitcoin has been falling in value. The digital token is down about 17% since the beginning of the year (YTD).
Within a decade, 1 billion people will have used or tried crypto, up from about 200 million currently, Coinbase Global Inc. Chief Executive Officer Brian Armstrong said at the Milken Institute Global Conference on Monday.
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 fuelled 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 global cryptocurrency market cap was trading marginally lower at $1.74 trillion, declining about a per cent in the last 24 hours. However, the total cryptocurrency trading volume dropped about 7 per cent to 85.25 billion.
“Investors are looking at the FOMC meeting which is scheduled to be held on Wednesday, the results of the meeting around monetary policies from the U.S Federal Reserve will determine the trend in the traditional and crypto markets globally. A hawkish outcome of the meeting may result in further sell-offs of high-risk assets,” said Jennifer Lu, co-founder of Coinstore.
“Most of the crypto assets traded lower on Monday with Bitcoin and Ether showing marginal fluctuations. Bitcoin is down by nearly half a percent and Ether is up by roughly 0.40 percent. AVAX has led the surge in the altcoin by space and is up by roughly 4.5 percent. Crypto markets witnessed a downward push over the weekend and but many assets have covered their losses,” Lu said regarding market trends on Monday.
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