Bitcoin, Ether Spike With Minor Profits as Cardano, Cosmos Among Other Altcoins Drop

Bitcoin on Wednesday, May 3, opened with a small profit to trade closer to the mark of $30,000 (roughly Rs. 24.5 lakh). The most expensive cryptocurrency gained by 1.90 percent on Wednesday to trade at the price point of $28,457 (roughly Rs. 23 lakh). This was Bitcoin's price on both, national as well as international exchanges. Over the last day, the first ever cryptocurrency showed a substantial rise in prices. In the last 24 hours, Bitcoin grew by $809 (roughly Rs. 66,190).

Ether joined Bitcoin in welcoming gains back after a two-day slump recorded this week. With a profit of 1.95 percent minted on Wednesday, the price of Ether reached $1,860 (roughly Rs. 1.5 lakh) as per the crypto price tracker by Gadgets 360.

A big bunch of cryptocurrencies recorded small profits today following Bitcoin and Ether.

These include USD Coin, Polygon, Solana, Polkadot, Litecoin, Binance USD, and Tron.

“Crypto markets face downtrend ahead of the Federal Reserve's interest rate decision scheduled on 3rd May with expectations around the market betting on this being the last hike. The markets will be waiting for Fed Chair Jerome Powell's press conference for clues on future moves. According to CME data, futures markets have a high probability of a 25-bps hike, with an 89 percent certainty. As a result, the U.S. dollar faces key strength this week, with the US Dollar Index (DXY) challenging its highest levels since mid-April,” the research team of the CoinDCX crypto exchange told Gadgets 360.

The overall crypto market valuation grew up by 1.35 percent to sit at $1.18 trillion (roughly Rs. 96,26,676 crore) as per CoinMarketCap.

Meanwhile, several cryptocurrencies settled with small losses on Wednesday.

These include Binance Coin, Ripple, Cardano, Cosmos, Uniswap, and Monero.

Memecoins Dogecoin and Shiba Inu also failed to see any gains.

“Analysts are predicting a new bull market for Bitcoin due to on-chain indicators, historical market cycles and ongoing macroeconomic issues such as financial stability concerns. In terms of growth, SHIB leads the market with 5 percent, followed by BTC, LINK, DOT and ETH with 1 percent each. On the other hand, the biggest losers are LEO with a significant drop of 75 percent, while AXS, APE, FLOW and ENJ lost 50 percent, 50 percent, 49 percent, and 44 percent respectively,” Sathvik Vishwanath, Co-Founder & CEO, Unocoin, told Gadgets 360.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.