Bitcoin flat at $38,000, ether in red amid choppy markets
Cryptocurrency price today: On May 3, Tuesday, the global cryptocurrency market continued its choppy terrain with most major cryptocurrencies marginally losing their values. As a result, the Cryptocurrency Its market capitalization fell 0.43 percent to $1.74 trillion, according to data from CoinMarketCap. Major cryptocurrencies like Bitcoin and Ether Trade continued in red.
“Investors are looking at the Federal Open Market Committee meeting scheduled for Wednesday, and the outcome of the meeting on monetary policies from the US Federal Reserve will determine the direction in traditional markets and cryptocurrency markets globally.” Jennifer Lu, co-founder of Coinstore, said: “The optimistic outcome may lead to meet to more sell-offs of riskier assets.”
“Most crypto assets traded lower on Monday with marginal volatility seen in Bitcoin and Ether. Bitcoin is down about half a percent and Ether is up about 0.40 percent. AVAX led the rise in the altcoin by space and rose nearly 4.5 percent. Witnessed Cryptocurrency markets gave a bearish impulse over the weekend, but many assets covered their losses,” Lu said regarding market trends on Monday.
The price of Bitcoin today at the time of writing was at $38,518.18, down 1.24 percent over the past 24 hours. On the other hand, the price of Ethereum today was at $2842.67. This is down 0.64 percent, according to CoinMarketCap data.
Cryptocurrency markets are very volatile. We have seen Bitcoin and Ether trading in a sharp range for over a month now. Bitcoin is between $38,000 – $42,000 and Ethereum between $2,800 – $3,200. “Both cryptocurrencies are flirting with their own minimal range,” said Darshan Bateja, CEO and co-founder of Fold.
To make matters worse, we are seeing a decrease in the implied or expected volatility of the big cryptocurrencies. This means that prices are not likely to see rapid moves (either up or down) in the coming weeks. I think the aforementioned range holds,” he added.
Another interesting topic is the emergence of alternative investments. This includes people streaming to the alternate Layer 1, DApps to this Layer 1, and NFTs as well. Cryptocurrency users are not seeing any momentum in Bitcoin and ETH, so you can expect alternative investments to become popular in the coming months.”
Here are the top 10 cryptocurrencies and their prices on May 3, 2022 (data from coinmarketcap.com)
Bitcoin $38,518.18 or 1.24% loss in the past 24 hours
Ethereum $2842.67 or 0.64 percent loss in the last 24 hours
Assess a loss of $1.00 or 0.02 percent in the last 24 hours
BNB $388.97 or 0.59% loss in the last 24 hours
USD Coin gained $1 or 0.01 percent in the last 24 hours
XRP $0.6177 or 1.48 percent loss over the past 24 hours
Solana $88.45 or 2.05 percent loss over the past 24 hours
Terra $84.78 or 2.18 percent gain in the last 24 hours
Cardano $0.7893, or 0.22 percent loss over the past 24 hours
TerraUSD 0.9998 or 0.05 percent loss in the last 24 hours
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