![Bitcoin broke the major support level at $30,000 and we entered a long bearish cycle. Bitcoin broke the major support level at $30,000 and we entered a long bearish cycle.](https://images.news18.com/ibnlive/uploads/2021/07/1627283897_news18_logo-1200x800.jpg?impolicy=website&width=510&height=383)
Bitcoin broke the major support level at $30,000 and we entered a long bearish cycle.
Cryptocurrency Prices Today: Data shows that Bitcoin price today stands at $38,912.05, while Ether remains below $2,900.
Cryptocurrency price today: Bitcoin has been trading below $40,000 for a week now, and as of Monday, May 2, the world's largest cryptocurrency failed to surpass this level. At the time of writing this article, the price of Bitcoin was $38,912.05, according to data from CoinMarketCap. It has increased by 2.26% in the last 24 hours and by 1.23% in the last 7 days. Bitcoin prices remained volatile amid market instability due to the Federal Reserve's hawkish views and the war in Russia and Ukraine.
“BTC (Bitcoin) was trading below the psychological level of $40,000 last week due to low volume. The weekend was choppy, with assets falling on Saturday and recovering on Sunday. BTC is up 1.68% in the last 24 hours. Its current control is 42.25% and its market capitalization is $736 billion. At the time of this writing, BTC is trading at $38,678,” the WazirX trading desk said in a note to news18.com.
“Inflation levels in the U.S. are at their highest in 40 years and the hawkish Federal Reserve is taking tough steps to offset the impact. A rate hike of around 50 basis points is expected this week, surprising traditional and cryptocurrency markets globally. Bitcoin has been trading below $40,000 for quite some time and hit its lowest level in two months in yesterday’s trading,” said Shivam Thakral, CEO of BuyUcoin.
Today, the price of Ethereum is up 2.08%, trading at $2,838.36 at the time of writing this article. Altcoins have also fallen significantly over the past few days due to expectations of an interest rate hike from the US Federal Reserve (Fed).
“The most popular altcoin, Ether, has also lost momentum to settle at the $2,800 level. The altcoin space also saw deep declines with Solana, Ripple, Terra, Cardano, Dogecoin, Polkadot, Avalanche and Shiba Inu in the red,” Thakral said.
According to data from CoinMarketCap, the global cryptocurrency market capitalization also increased 1.73% to $1.75 trillion. “There is no relief in sight in financial markets until the next FOMC meeting. The overall cryptocurrency market size decreased by 6% to $80.32 billion, while the overall cryptocurrency market cap increased by 1.44% and now stands at $1.74 trillion,” Thakral added.
Here are the top 10 cryptocurrencies and their prices as of May 2, 2022 (data from coinmarketcap.com):
Bitcoin up $38,912.05 or 2.26% in the last 24 hours
Ethereum is up $2,838.36 or 2.08% in the last 24 hours.
Tether lost $1.00 or 0.01% in the last 24 hours.
BNB $389.45 or 1.04% return in last 24 hours
USD Coin lost $1 or 0.03% in the last 24 hours.
XRP $0.6226or 5.19% return in last 24 hours
Solana lost $88.82 or 0.86% in the last 24 hours.
Terra $82.90 or up 2.37% in the last 24 hours
Cardano $0.7866 or 1.64% return in last 24 hours
TerraUSD $0.9997 or a loss of 0.15% in the last 24 hours.
Read all the latest business news here.