Cryptocurrency Price Today: Bitcoin, Ethereum, Top Coins Dip As Binance Repeatedly Halts BTC Withdrawals
Cryptocurrency price on May 8 quick take: The global market cap dipped to $1.16 trillion.
Binance, the world’s crypto exchange in terms of daily trading volume, halted Bitcoin (BTC) withdrawals twice within 12 hours due to blockchain congestion. The move has led to a slump in crypto prices. Top coins — including the likes of Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Litecoin (LTC), and Solana (SOL) — landed in the reds across the board. Stacks (STX) emerged to be the biggest gainer of the lot, with a 24-hour jump of over 5 percent. SUI, on the other hand, became the top loser, with a 24-hour dip of over 10 percent.
The global crypto market cap stood at $1.16 trillion at the time of writing, registering a 24-hour dip of 2.23 percent.
Bitcoin (BTC) Price Today
Bitcoin price stood at $28,210.34, registering a 24-hour loss of 2.39 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 24.94 lakh.
Ethereum (ETH) Price Today
ETH price stood at $1,865.98, marking a 24-hour dip of 1.59 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.63 lakh.
Dogecoin (DOGE) Price Today
DOGE registered a 24-hour loss of 2.16 percent, as per CoinMarketCap data, currently priced at $0.07531. As per WazirX, Dogecoin price in India stood at Rs 6.73.
Litecoin (LTC) Price Today
Litecoin saw a 24-hour dip of 1.17 percent. At the time of writing, it was trading at $82.47. LTC price in India stood at Rs 7,077.57.
Ripple (XRP) Price Today
XRP price stood at $0.4383, seeing a 24-hour loss of 4.40 percent. As per WazirX, Ripple price stood at Rs 38.11.
Solana (SOL) Price Today
Solana price stood at $21.28, marking a 24-hour dip of 2.74 percent. As per WazirX, SOL price in India stood at Rs 1,890.
Top Crypto Gainers Today (May 8)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Stacks (STX)
Price: $0.7278
24-hour loss: 4.84 percent
KuCoin Token (KCS)
Price: $7.67
24-hour loss: 1.83 percent
XDC Network (XDC)
Price: $0.03677
24-hour loss: 1.48 percent
Gemini Dollar (GUSD)
Price: $1.01
24-hour loss: 0.50 percent
Render Token (RNDR)
Price: $2.05
24-hour loss: 0.13 percent
Top Crypto Losers Today (May 8)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
Sui (SUI)
Price: $1.16
24-hour loss: 10.92 percent
PancakeSwap (CAKE)
Price: $1.95
24-hour loss: 10.31 percent
Mina (MINA)
Price: $0.547
24-hour loss: 6.83 percent
Immutable (IMX)
Price: $0.7995
24-hour loss: 6.29 percent
Bitcoin SV (BSV)
Price: $30.41
24-hour loss: 5.97 percent
What Crypto Exchanges Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin experienced a surge to $29,800 following strong US job growth figures for April on Saturday. However, Bitcoin and Ethereum have since experienced declines within the past 24 hours due to Binance suspending Bitcoin withdrawals for the second time in a day, citing high volumes. Presently, BTC is trading at $28,300, while Ethereum is trading at $1,860, both having experienced a nearly 2 percent decline compared to the previous day. In March, Binance also suspended deposits and withdrawals due to technical issues, during which time BTC decreased by about 1 percent.”
WazirX Vice President Rajagopal Menon said, “Bitcoin’s price went down by 2.12 per cent in the last 24 hours following a pause on activities on the network due to congestion caused by Ordinals. On WazirX, UMA token was the highest gainer. This comes amidst an increase in partnerships for the platform and new DAOs engaging with its blockchain.”
Sathvik Vishwanath, CEO and co-founder of Unocoin said, “Bitcoin is currently trading aroound $28,200. Ethereum price hit a YTD high of $2,127 in April but was stopped by a bearish block of orders. After falling to $1,820, the subsequent bull rally got stuck in the consolidation range between $1,820 and $1,955. The rally in BTC to $29,000 provided the impetus for another upward rally in ETH, which touched the psychological price zone of $2,000. The volume profile of the visible range shows the high-value area at $1,940 and the low-value area at $1,762. Traders can watch for a daily close above $1,940 to $1,960 for buying opportunities or wait for a rejection at VAH for shorting opportunities.”
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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