Cryptocurrency Price Today: Bitcoin Dips Below $63,000, Ethena Becomes Top Gainer

Cryptocurrency price on May 8 quick take: The global market cap dipped to $2.29 trillion.

Bitcoin price stood at $62,456,89 on Wednesday.

Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, dipped below the $63,000 mark early Wednesday. 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 55 (Neutral) out of 100, as per CoinMarketCap data. The Ethena (ENA) token emerged as the biggest gainer of the lot, with a 24-hour jump of over 3 percent. Memecoin dogwifhat (WIF) became the biggest loser, with a 24-hour dip of over 10 percent. 

The global crypto market cap stood at $2.29 trillion at the time of writing, registering a 24-hour dip of 1.99 percent.

Bitcoin (BTC) Price Today

Bitcoin price stood at $62,456,89, registering a 24-hour dip of 1.85 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 54.70 lakh.

Ethereum (ETH) Price Today

ETH price stood at $3,010.92, marking a 24-hour dip of 1.90 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 2.64 lakh.

Dogecoin (DOGE) Price Today

DOGE registered a 24-hour loss of 4.29 percent, as per CoinMarketCap data, currently priced at $0.1492. As per WazirX, Dogecoin price in India stood at Rs 13.33.

Litecoin (LTC) Price Today

Litecoin saw a 24-hour dip of 0.30 percent. At the time of writing, it was trading at $79.97. LTC price in India stood at Rs 7,000.

Ripple (XRP) Price Today

XRP price stood at $0.5209, seeing a 24-hour loss of 2.24 percent. As per WazirX, Ripple price stood at Rs 45.40.

Solana (SOL) Price Today

Solana price stood at $147.92, marking a 24-hour dip of 4.04 percent. As per WazirX, SOL price in India stood at Rs 13,195. 

Top Crypto Gainers Today (May 8)

As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:

Ethena (ENA)

Price: $0.8904
24-hour gain: 3.13 percent

Lido DAO (LDO)

Price: $1.97
24-hour gain: 3.04 percent

UNUS SED LEO (LEO)

Price: $5.90
24-hour gain: 1.97 percent

TRON (TRX)

Price: $0.1208
24-hour gain: 1.92 percent

Kaspa (KAS)

Price: $0.112
24-hour gain: 1.23 percent

Top Crypto Losers Today (May 8)

As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:

dogwifhat (WIF)

Price: $2.88
24-hour gain: 10.96 percent

Helium (HNT)

Price: $4.86
24-hour gain: 9 percent

JasmyCoin (JASMY)

Price: $0.01771
24-hour gain: 7.69 percent

Akash Network (AKT)

Price: $4.48
24-hour gain: 5.91 percent

Avalanche (AVAX)

Price: $34.58
24-hour gain: 5.73 percent

What Crypto Exchanges Are Saying About Current Market Scenario

Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin trades at the $62,000 level in the past 24 hours due to socio-political turmoil and SEC’s comments on the crypto industry. However, on the positive side, Robinhood has a higher likelihood of winning the case with the SEC than most of its US competitors according to reports which can increase investor sentiment. The support now lies at the $61,500 level and the resistance is at the $64,500 level. We are likely to see range-bound trading for a few days as Bitcoin has not acquired enough strength to make an upward move.”

CoinSwitch Markets Desk noted, “Markets kept hitting lower for the second day in a row after BTC failed to cross the $65k mark a couple of days back. The next immediate line of support for BTC stays around the $62k mark, which if breached, could take the price back to the recent lows of $57k. On the other hand, Ethereum L2 Arbitrum has achieved a significant feat with the total traded volume on Uniswap hitting $150 billion and becoming the only layer 2 to do so. Arbitrum also has the largest TVL among all L2 solutions.”

Rajagopal Menon, Vice President, WazirX, said, “Bitcoin dipped further down to $62k levels, dropping from its 50-day EMA which was the last support level before the bearish sentiment took over. The market has been volatile in May with selling pressure affecting Bitcoin prices extensively.  This resistance could trigger a price decline towards the crucial $58,000 support zone. While $58k has been a strong support for Bitcoin in the past, a further dip from this level cannot be ruled out. Trading volumes have been consistent without any significant surges which creates further concern about Bitcoin maintaining its price above $60k levels in the coming days.”

Sathvik Vishwanath, CEO and co-founder of Unocoin, said, “Bitcoin experienced swings, falling to $63,400 amid a potentially hawkish stance by the Federal Reserve. Despite the initial bullish momentum caused by the tepid US jobs report, BTC's rise to $64,000 was short-lived. Marathon Digital's 18% rise to $20.67, attributed to its inclusion in the S&P SmallCap 600 index, contrasted with Bitcoin's bearish trend at $63,200, indicating market complexity. The delay in SEC approval of Ethereum ETFs continues, while investments in Bitcoin ETFs like the $68.35 million Hightower are on the rise. Expectations of a Fed rate cut are boosting bitcoin's appeal amid a weakening dollar, which could lead to sustained price gains. Bitcoin's current bullish trajectory suggests resistance at $65,512 and support at $60,928.”

Shivam Thakral, CEO of BuyUcoin, said, “The crypto market witnessed a marginal dip in its overall market cap with heavyweights like BTC and ETH trading in red. On the positive side, the native AI tokens are witnessing a healthy surge with Nvidia touching a one-month high hinting towards AI super cycle. The crypto market is looking for its next catalyst as the bitcoin-halving euphoria fades away. Banking giant Standard Chartered revised its BTC target for the end of the year to $150k and $200k for the end of 2025.” 

CoinDCX Research Team told ABP Live, “In the past 24 hours, the crypto market experienced a decline, with BTC and ETH continuing to trade sideways, indicating choppy market conditions. Technically, BTC's price action is mixed, with a breakout above or below the range needed for a clear direction, similar to ETH. Alts also saw a drop, influenced by the positioning of the ETH/BTC pair and BTC. On a positive note, BTC ETF inflows on Monday were reported to be favourable, which is a bullish sign.”

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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.