Investors are looking at the FOMC meeting which is scheduled to be held on Wednesday
Cryptocurrency price today: Bitcoin price today at the time of writing this article was standing at $38,518.18, down by 1.24 per cent over the past 24 hours.
Cryptocurrency Price Today: The global cryptocurrency market on May 3, Tuesday, continued to be on a choppy terrain as most major crypto coins lost their values marginally. As a result, the cryptocurrency market cap was down by 0.43 per cent to stand at $1.74 trillion, according to data from CoinMarketCap. Major crypto coins like Bitcoin and Ether continued to trade in red.
“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 per cent. AVAX has led the surge in the altcoin by space and is up by roughly 4.5 per cent. Crypto markets witnessed a downward push over the weekend and but many assets have covered their losses,” Lu said regarding market trends on Monday.
Bitcoin price today at the time of writing this article was standing at $38,518.18, down by 1.24 per cent over the past 24 hours. On the other hand, Ethereum price today was at $2,842.67. This was down by 0.64 per cent, as per data from CoinMarketCap.
“The crypto markets are very choppy. We’ve seen Bitcoin and Ether trade in a sharp range for over a month now. Bitcoin between $38,000 – $42,000 and ETH (Ether) between $2,800 – $3,200. Both cryptos are flirting with the lower bound of their respective ranges,” said Darshan Bathija, CEO and co founder of Vauld.
“To make matters worse, we’re seeing low implied or expected volatility for the big two cryptos. This means prices are unlikely to see rapid moves (either up or down) in the coming weeks. My guess is the aforementioned range holds,” he added.
“Another interesting theme is the rise of alternative investments. These include people flocking to alternative layer 1s, the DApps on these layer 1s, and NFTs as well. Crypto users don’t see any momentum in Bitcoin and ETH, hence you can expect alternate investments to become popular in the coming months,” Bathija said further.
Here are the top 10 cryptocurrencies and their prices on May 3, 2022 (data from coinmarketcap.com)
Bitcoin $38,518.18 or 1.24 per cent loss in the last 24 hours
Ethereum $2,842.67 or 0.64 per cent loss in the last 24 hours
Tether $1.00 or 0.02 per cent loss in the last 24 hours
BNB $388.97 or 0.59 per cent loss in the last 24 hours
USD Coin $1 or 0.01 per cent gain in the last 24 hours
XRP $0.6177 or 1.48 per cent loss in the last 24 hours
Solana $88.45 or 2.05 per cent loss in the last 24 hours
Terra $84.78 or 2.18 per cent gain in the last 24 hours
Cardano $0.7893 or 0.22 per cent loss in the last 24 hours
TerraUSD $0.9998 or 0.05 per cent loss in the last 24 hours
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