Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, managed to climb above the $59,000 mark, trying to recover the losses it made earlier this week. Other popular altcoins — including the likes of Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) — landed in the greens as the overall Market Fear & Greed Index stood at 49 (Neutral) out of 100, as per CoinMarketCap data. The Arweave (AR) token, which was the biggest loser yesterday, emerged as the biggest gainer of the lot, with a 24-hour jump of over 21 percent. The Cosmos (ATOM) token became the biggest loser, with a 24-hour dip of nearly 1 percent.
The global crypto market cap stood at $2.23 trillion at the time of writing, registering a 24-hour gain of 3.54 percent.
Bitcoin (BTC) Price Today
Bitcoin price stood at $59,609.81, registering a 24-hour gain of 4.06 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 54.26 lakh.
Ethereum (ETH) Price Today
ETH price stood at $3,004.60, marking a 24-hour dip of 2.40 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 2.69 lakh.
Dogecoin (DOGE) Price Today
DOGE registered a 24-hour jump of 7.41 percent, as per CoinMarketCap data, currently priced at $0.134. As per WazirX, Dogecoin price in India stood at Rs 12.10.
Litecoin (LTC) Price Today
Litecoin saw a 24-hour gain of 1.22 percent. At the time of writing, it was trading at $80.53. LTC price in India stood at Rs 7,121.01.
Ripple (XRP) Price Today
XRP price stood at $0.5209, seeing a 24-hour jump of 1.91 percent. As per WazirX, Ripple price stood at Rs 46.50.
Solana (SOL) Price Today
Solana price stood at $140.55, marking a 24-hour gain of 8.37 percent. As per WazirX, SOL price in India stood at Rs 12,618.62.
Top Crypto Gainers Today (May 3)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Arweave (AR)
Price: $34.16
24-hour gain: 21.36 percent
Bonk (BONK)
Price: $0.00002615
24-hour gain: 17.26 percent
Pepe (PEPE)
Price: $0.000007969
24-hour gain: 16.15 percent
Toncoin (TON)
Price: $5.39
24-hour gain: 13.39 percent
Immutable (IMX)
Price: $2.23
24-hour gain: 12.37 percent
Top Crypto Losers Today (May 3)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
Cosmos (ATOM)
Price: $8.65
24-hour gain: 0.33 percent
Gnosis (GNO)
Price: $306.08
24-hour gain: 0.31 percent
Kaspa (KAS)
Price: $0.1077
24-hour gain: 0.08 percent
Helium (HNT)
Price: $4.92
24-hour gain: 4.81 percent
Cronos (CRO)
Price: $0.1256
24-hour gain: 4.74 percent
What Crypto Exchanges Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin has climbed to the $59,000 mark, marking a 3% increase over the past 24 hours, showing buying pressure at lower levels. However, Bitcoin’s recovery momentum remains constrained by macroeconomic factors and geopolitical tensions, implying a probable period of sideways movement. The next resistance lies at the $60,300 level while the support lies at the $58,800. On the other hand, Ethereum also saw a surge due to strong spot Ethereum ETFs in Hong Kong and there is a surge in network activity. The next resistance of Ethereum lies at the $3,100 and then $3,300 level.”
Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, said, “BTC (+3.6%) seems to be in its ‘post-halving danger zone’ as it exhibits a similar trend of downside volatility as during the halving that happened in 2016. BTC must maintain the $58k level to potentially avoid an extended decline. Simultaneously, while spot BTC ETFs saw a combined outflow of $563 million on Wednesday, BlackRock predicts that there will be a new wave of inflows from different types of investors which will include sovereign wealth funds, pension funds, and endowments. The company expects a pent-up demand for BTC exposure via the ETFs.”
Rajagopal Menon, Vice President, WazirX, said, “Bitcoin experienced a minor recovery on Friday but remains below crucial support levels due to concerns over high U.S. interest rates post-Federal Reserve meeting, pushing it into a bear market from its March highs. Bitcoin rose by 3.76% in 24 hours to $59,766, down 22% from the March peak. The lack of positive catalysts and the anticipation of prolonged high rates hinder its growth. Spot ETF launches failed to buoy market sentiment amidst these challenges.”
Sathvik Vishwanath, CEO and co-founder of Unocoin, said, “Bitcoin holds steady above $57,000 despite a $37 million outflow from BlackRock’s IBIT ETF, signaling shifts in sentiment. Immediate resistance lies at $61,700, with support at $56,625. A Relative Strength Index (RSI) of 44 indicates a neutral market. Trading below the 50-day EMA of $61,500 indicates a potential bearish bias. On the 4-hour chart, Bitcoin faces a barrier at $59,570, previously resistance. Failure to cross it could push prices down to $56,600 or below, with $55,000 acting as a critical level. Conversely, a break above $59,570 could target resistances at $61,500 and $64,650, indicating bullish sentiment. Bitcoin’s market position depends on sustaining or breaking the $59,570 pivot point.”
Shivam Thakral, CEO of BuyUcoin, said, “Bitcoin is back above $59,000 after a day of severe downside. The next important level to look for is $63,000 resistance, the breach of which can start a reversal. This bounce could be a relief rally or a continuation of the bullrun. Either way the macro sentiment for Bitcoin has once again turned bullish as evidenced by on-chain whale activity and boosted institutional adoption of Bitcoin in the past few days.”
CoinDCX Research Team told ABP Live, “The crypto market showed a recovery with altcoins leading compared to BTC and ETH, as BTC rose and BTC dominance continued to decline. Technically, BTC was at a key level and bounced back from there. It remains to be seen whether this signifies a reversal or just a pullback in the downtrend. Similarly, there’s a pattern of BTC price reversals (uptrend) post significant huge BTC ETF outflow day, such as the recent $500 million+ outflow indicating a reversal possibility. The Fear and Greed Index, currently at 43 (Fear), indicates a bottoming out. Historically, during halving years in May, BTC has tended to close in the green.”
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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.
