Cryptocurrency Price Today: Bitcoin Dips Below $58,000, Axelar Becomes Top Gainer
Cryptocurrency price on May 2 quick take: The global market cap dipped to $2.15 trillion.
Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, lost all its gains from the past few weeks and dipped below the $58,000 mark early Thursday. Other popular altcoins — including the likes of Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) — landed in the reds as the overall Market Fear & Greed Index stood at 47 (Neutral) out of 100, as per CoinMarketCap data. The Axelar (AXL) token emerged as the biggest gainer of the lot, with a 24-hour jump of over 11 percent. The Arweave (AR) token, which was the biggest gainer yesterday, became the biggest loser, with a 24-hour dip of over 5 percent.
The global crypto market cap stood at $2.15 trillion at the time of writing, registering a 24-hour dip of 2.67 percent.
Bitcoin (BTC) Price Today
Bitcoin price stood at $57,482.97, registering a 24-hour dip of 4.49 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 51.99 lakh.
Ethereum (ETH) Price Today
ETH price stood at $2,927.79, marking a 24-hour dip of 2.40 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 2.65 lakh.
Dogecoin (DOGE) Price Today
DOGE registered a 24-hour loss of 4.18 percent, as per CoinMarketCap data, currently priced at $0.1264. As per WazirX, Dogecoin price in India stood at Rs 11.60.
Litecoin (LTC) Price Today
Litecoin saw a 24-hour gain of 0.49 percent. At the time of writing, it was trading at $79.75. LTC price in India stood at Rs 7,114.22.
Ripple (XRP) Price Today
XRP price stood at $0.5105, seeing a 24-hour jump of 1.53 percent. As per WazirX, Ripple price stood at Rs 45.80.
Solana (SOL) Price Today
Solana price stood at $130.03, marking a 24-hour gain of 3.60 percent. As per WazirX, SOL price in India stood at Rs 12,500.
Top Crypto Gainers Today (May 2)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Axelar (AXL)
Price: $1.18
24-hour gain: 11.04 percent
Optimism (OP)
Price: $2.69
24-hour gain: 7.65 percent
Polkadot (DOT)
Price: $6.85
24-hour gain: 6.75 percent
Wormhole (W)
Price: $0.6456
24-hour gain: 5.89 percent
Starknet (STRK)
Price: $1.26
24-hour gain: 4.39 percent
Top Crypto Losers Today (May 2)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
Arweave (AR)
Price: $28.29
24-hour gain: 5.64 percent
Toncoin (TON)
Price: $4.76
24-hour gain: 5.60 percent
Bonk (BONK)
Price: $0.00002215
24-hour gain: 5.23 percent
Helium (HNT)
Price: $4.92
24-hour gain: 4.81 percent
Cronos (CRO)
Price: $0.1256
24-hour gain: 4.74 percent
What Crypto Exchanges Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin traded at $57,000 level after the Federal Open Market Committee of the US Federal Reserve kept its benchmark rate unchanged at 5.25 and 5.50. In a statement, Powell said the decision to hold rates steady was due to high inflation. Bitcoin has been falling since the end of February. This correction and pullback can be attributed to macroeconomic factors and geopolitical tensions. The next support level lies at the $56,600 level and the resistance at the $58,800 level.”
The CoinSwitch Markets Desk noted, “After 7 straight green months in a row, BTC formed a red monthly candle for April. BTC is currently trading in a bearish channel, a falling wedge, which although usually breaks out on the upside can take time before doing so. This happened as Blackrock’s Bitcoin ETF, iBIT, saw its first outflow day with a net $37 million in outflows as all Bitcoin ETFs saw more than half a billion dollars of outflow yesterday. In the last 24 hours, the Federal Reserve of the US also announced its interest rate decision, with the Fed deciding not only to keep the interest rates unchanged but also saw that it is quite unlikely the rate cuts happen anytime soon. This caused the markets to behave negatively.”
Rajagopal Menon, Vice President, WazirX, said, “May 1 saw Bitcoin plummet 8% to $56,814, its lowest since February. This impacted short-term holders with an average unrealized loss of 3%. Despite a partial recovery to $57,631, over $100 million in long positions were liquidated in 24 hours. The Federal Reserve's unchanged interest rates added to market uncertainty, influencing Bitcoin's price. However, historical trends suggest the potential for long-term recovery despite short-term volatility.”
Sathvik Vishwanath, CEO and co-founder of Unocoin, said, “Bitcoin's current price is in the mid-$57,000s, down about 5% on the day, but showing resistance with a $1,000 rebound from earlier lows. Traders are dissecting the Fed's latest policy, keeping rates at 5.25-5.5% and slowing the balance sheet reduction to $25 billion a month from $60 billion. This larger-than-expected cut initially prompted a dovish market reaction. Bitcoin briefly jumped to a midpoint of $59,000, accompanied by gains in US stocks, before pulling back. Fed chief Jerome Powell acknowledged elevated inflation but hinted at a longer wait for a rate hike. Market indicators suggest a 54% chance of a 25 basis point rate cut by September, while the odds of no cut have dropped to 16%. Overall, the market interpreted the Fed's stance as slightly dovish, leading Bitcoin to recover from earlier lows.”
CoinDCX Research Team told ABP Live, “The crypto market saw a continued decline over the weekend, with BTC dropping below $60,000 and ETH below $3,000. Following the announcement of the unchanged Fed fund rate, there was a slight recovery, but the market retraced again. Technically, BTC is now more than 20% down from its all-time high. It's currently testing support at $57,000, and a drop below that could lead to a further decline to the $52,000-$53,000 range, with no significant support in between. Similarly, ETH needs to hold above $2,900; otherwise, it may drop to the $2,700 level. Despite the market downturn, the ETH/BTC pair remains strong, indicating relative strength in some alts, with a few even showing gains amidst BTC's decline, although most are in the red.”
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
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