Most major cryptocurrencies recorded steep losses on Friday, May 27th.
Cryptocurrency Price Today: According to data, the Bitcoin price today rose 4.24% to $39,673.64 at the time of writing this article.
Cryptocurrency prices today: On Thursday May 5th, all major cryptocurrencies recorded sharp gains following the US Federal Reserve's (Fed) interest rate hike. Crypto investors' morale has been boosted by Federal Reserve Chairman Jerome Powell's softening of the attack. Accordingly, the global cryptocurrency market capitalization also increased by 4.98% over the past day, reaching $1.8 trillion.
Bitcoin price today rose 4.24% to $39,673.64 at the time of writing, according to data from CoinMarketCap. On this day, the world's largest cryptocurrency rose more than 5%. on the other side. After the interest rate increase, the price of Ethereum also surged by more than 5%. The price of Ethereum today is $2,932.46 at the time of writing, up 4.94% in the last 24 hours.
“When the FOMC announced a 0.5% interest rate hike, Bitcoin and the entire cryptocurrency market cap surged more than 5% in just a few hours. BTC’s RSI is currently at its highest in over a month. On the hourly time frame, the BTC chart broke out of a channel pattern last night as the uptrend began. The next resistance level is expected to be $48,600. Based on the chart patterns, we can expect this upward momentum to continue over the next few days,” said WazirX Trade Desk.
“The Fed's May FOMC meeting concluded with a decision to raise interest rates by 0.5%. Major indices closed in the green on this news,” said Darshan Bathija, CEO and co-founder of Vauld.
“The high correlation between Bitcoin and stocks was very clear. Bitcoin has regained lost ground. “Cryptocurrency market capitalization increased by 6% in 24 hours, Bitcoin recovered by 4.6%, and Ethereum recovered by 5.8%,” he added.
Other major cryptocurrencies such as Cardano and Solana saw steep gains of up to 14% following the Fed's announcement. “Cardano’s 6-hourly trend has broken out of a falling wedge pattern. Next resistance is expected at $1.24 level and immediate support is expected at $0.74,” said WazirX Trade Desk.
Here are the top 10 cryptocurrencies and their prices as of May 5, 2022 (data from coinmarketcap.com):
Bitcoin rose $39,673.64 or 4.24% in the last 24 hours.
Ethereum $2,932.46 or 4.94% return in last 24 hours
Tether $1.00 or 0.00% return in last 24 hours
BNB $401.58 or 4.10% return in last 24 hours
USD Coin $1.00 or 0.01% return in last 24 hours
Solana $93.60 or 9.05% return in last 24 hours
XRP $0.6441 or 5.88% return in last 24 hours
Terra $86.60, or up 3.81% in the last 24 hours.
Cardano gained $0.8651 or 11.11% in the last 24 hours.
TerraUSD $0.9987, or a loss of 0.11% in the last 24 hours.
Read all the latest business news here.