Bitcoin
Bitcoin Drops Below $63,000, Ethena Becomes Biggest Gainer
Bitcoin (BTC), the world’s oldest and most valuable cryptocurrency, fell below the $63,000 mark on Wednesday morning. Other popular altcoins – including Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) – fell into the red as the market’s overall Fear and Greed Index stood at 55 (Neutral ) of 100, according to data from CoinMarketCap. The Ethena (ENA) token emerged as the biggest gainer of the lot, with a jump of over 3% in 24 hours. Memecoin dogwifhat (WIF) became the biggest loser with a drop of over 10% in 24 hours.
The global crypto market capitalization was $2.29 trillion at the time of writing, recording a 1.99% drop in 24 hours.
Bitcoin (BTC) price today
The price of Bitcoin stood at US$62,456.89, registering a drop of 1.85% in 24 hours, according to CoinMarketCap. According to Indian exchange WazirX, the price of BTC was Rs 54.70 lakh.
Ethereum (ETH) price today
ETH price stood at $3,010.92, marking a drop of 1.90% in 24 hours at the time of writing. According to WazirX, the price of Ethereum in India was Rs 2.64 lakh.
Dogecoin (DOGE) price today
DOGE recorded a loss of 4.29% in 24 hours, according to data from CoinMarketCap, currently trading at $0.1492. According to WazirX, the price of Dogecoin in India was Rs 13.33.
Litecoin (LTC) price today
Litecoin fell 0.30% in 24 hours. At the time of writing, it was trading at $79.97. The price of LTC in India stood at Rs 7,000.
Ripple (XRP) Price Today
XRP price stood at $0.5209, recording a loss of 2.24% in 24 hours. According to WazirX, the price of Ripple was Rs 45.40.
Solana (SOL) price today
Solana’s price stood at US$147.92, marking a drop of 4.04% in 24 hours. According to WazirX, the price of SOL in India was Rs 13,195.
Top Crypto Gainers Today (May 8)
According to data from CoinMarketCap, here are the top five crypto gainers in the last 24 hours:
Ethena (ENA)
Price: $0.8904
24 hour gain: 3.13 percent
Lido DAO (LDO)
Price: $1.97
24 hour gain: 3.04 percent
UNUS SED LEO (LEO)
Price: $5.90
24 hour gain: 1.97 percent
TRON (TRX)
Price: $0.1208
24 hour gain: 1.92 percent
Kaspa (KAS)
Price: $0.112
24 hour gain: 1.23 percent
Top Crypto Losers Today (May 8)
According to data from CoinMarketCap, here are the top five crypto losers in the last 24 hours:
dog with hat (WIF)
Price: $2.88
24 hour gain: 10.96 percent
Helium (HNT)
Price: $4.86
24 hour gain: 9 percent
JasmyCoin (JASMY)
Price: $0.01771
24 hour gain: 7.69 percent
Akash Network (AKT)
Price: $4.48
24 hour gain: 5.91 percent
Avalanche (AVAX)
Price: $34.58
24 hour gain: 5.73 percent
What cryptocurrency exchanges are saying about the current market scenario
Mudrex co-founder and CEO Edul Patel told ABP Live: “Bitcoin has traded at the $62,000 level in the last 24 hours due to sociopolitical turmoil and SEC comments on the crypto industry. However, on the positive side, Robinhood is more likely to win its case with the SEC than most of its North American competitors, according to reports that could boost investor sentiment. Support is now at the $61,500 level and resistance is at the $64,500 level. We are likely to see limited trading for a few days as Bitcoin has not gained enough strength to make an upward move.”
CoinSwitch Markets Desk noted: “Markets continued to fall for the second day in a row after BTC failed to surpass the $65K mark a few days ago. The next immediate line of support for BTC remains around the $62K mark, which if breached could take the price back to recent lows of $57K. On the other hand, Ethereum L2 Arbitrum achieved a significant feat with the total volume traded on Uniswap reaching $150 billion and becoming the only layer 2 to do so. Arbitrum also has the highest TVL among all L2 solutions.”
Rajagopal Menon, vice president at WazirX, said: “Bitcoin fell further to $62K levels, falling from its 50-day EMA, which was the last support level before bearish sentiment took over. The market was volatile in May, with selling pressure extensively affecting Bitcoin prices. This resistance could trigger a price decline towards the crucial $58,000 support zone. Although $58K has been strong support for Bitcoin in the past, a further drop from this level cannot be ruled out. Trading volumes have been consistent without any significant increases, which creates even more concern about Bitcoin maintaining its price above $60K levels in the coming days.”
Sathvik Vishwanath, CEO and co-founder of Unocoin, said: “Bitcoin has seen swings, falling to $63,400 amid a potentially aggressive stance from the Federal Reserve. Despite the initial bullish momentum caused by the tepid US jobs report, BTC’s rise to $64,000 was short-lived. Marathon Digital’s 18% rise to $20.67, attributed to its inclusion in the S&P SmallCap 600 index, contrasted with Bitcoin’s downtrend at $63,200, indicating market complexity. The delay in SEC approval of Ethereum ETFs continues, while investments in Bitcoin ETFs such as the $68.35 million Hightower are increasing. Expectations of a Fed rate cut are increasing bitcoin’s appeal amid a weakening dollar, which could lead to sustained price gains. Bitcoin’s current upward trajectory suggests resistance at $65,512 and support at $60,928.”
Shivam Thakral, CEO of BuyUcoin, said: “The crypto market has witnessed a marginal drop in its overall market capitalization with heavyweights like BTC and ETH trading in the red. On the positive side, native AI tokens are witnessing a healthy rise, with Nvidia hitting a one-month high, suggesting an AI supercycle. The crypto market is looking for its next catalyst as the euphoria from the bitcoin halving fades. Banking giant Standard Chartered has revised its end-of-year BTC target to $150,000 and $200,000 for end-2025.”
The CoinDCX research team told ABP Live: “Over the past 24 hours, the crypto market has seen a decline, with BTC and ETH continuing to trade sideways, indicating unstable market conditions. Technically, BTC price movement is mixed, with a breakout above or below the range required for clear direction, similar to ETH. Alts also fell, influenced by the positioning of the ETH/BTC and BTC pair. On a positive note, BTC ETF flows on Monday were considered favorable, which is a bullish sign.”
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