Altcoins
BTC struggles below $62,000 as Altcoins post mixed performance
In the volatile digital currency landscape, the current crypto market has seen an overall downward trend, with Bitcoin leading the decline by falling below the $62,000 threshold. As of May 9, Bitcoin was hovering around the $61,000 level, marking a 1.75% decline over the past 24 hours.
This drop significantly influenced market sentiment, bringing the global crypto market cap down to $2.28 trillion, a decline of 0.56% from the previous day. The day marked another tough session for major cryptocurrencies, while some altcoins like Cardano showed resilience.
Bitcoin Struggles to Maintain Momentum
Bitcoin price saw a significant decline, falling 1.52% to around $61,522.37. Despite this, Bitcoin still dominates the market with a substantial capitalization of $1.21 trillion, although its 24-hour trading volume has fallen to around $24.6 billion. This decline in prices and volumes reflects the broader market’s cautious sentiment as investors respond to global economic signals and regulatory news.
Ethereum faces downward pressure
Ethereum also saw a decline, falling 0.50% to $2,993.52. Its market capitalization stands at $359.52 billion, with trading volumes down 1.73% to $11.25 billion. As Ethereum struggles to stay above the $3,000 threshold, market participants are closely monitoring developments that could influence its price, including updates to Ethereum-based applications and platform upgrades. -shape.
Altcoins show mixed results
Unlike larger cryptocurrencies, some altcoins have demonstrated robust performance. Cardano (ADA), for example, rose 4.31% to $0.4602, with its 24-hour trading volume increasing by a remarkable 74.04%, reaching $519.72 million. This gain is particularly notable because it deviates from the broader market trend, likely driven by positive development updates and growing adoption.
Solana, on the other hand, fell 1.91% to $143.80, although it remains a popular choice among decentralized finance (DeFi) and decentralized applications (dApps) developers due to its high throughput and of its low transaction costs.
XRP managed a slight increase of 0.24%, holding around the $0.52 level, even as its trading volume fell almost 12% to $1.02 billion. This reflects the cautiously optimistic outlook from investors who are closely monitoring the SEC’s ongoing lawsuit against Ripple, which could have significant implications on the usability and classification of XRP.
Conversely, Dogecoin saw a 2.02% decline to $0.1471. The meme coin continues to experience high volatility, often driven by social media sentiment and celebrity support rather than fundamental developments within its network.
While the crypto market While there was an overall decline, some lesser-known cryptocurrencies saw gains. Lido DAO (LDO), Tron (TRX), Chiliz (CHZ), and THORChain (RUNE) all saw gains ranging from 1.75% to 2.30%. Conversely, cryptocurrencies like Dogwifhat, Helium, Aakash Network and JasmyCoin suffered significant losses, highlighting the unpredictable nature of the crypto market.