Though top cryptos, including Bitcoin and Ethereum, were not much entertained, today was a promising day for meme coins like Dogecoin.
Yesterday was one of the best days in the crypto market, as almost all the cryptos remained green. However, today’s selloff in stocks has made this market quite unpredictable at this time.
Let us have a look at today’s prices of top cryptocurrencies.
FintechZoom – Cryptocurrency Live Prices: 5 May 17:20 GMT
Bitcoin
FintechZoom – Bitcoin Price: 5 May 17:20 GMT
Today was a difficult day for Bitcoin investors, as it hit its lowest level in the past two months. There was a decree of 6.58% in the market price. The price at the time of writing was $37093.
Reports witnessed strong selling among investors. In the last 7 days, Bitcoin showed a decreased of 3.67%.
Bitcoin jumped to $40000 during the earlier horse of the day, which might be because of Powell ruling out bigger rate hikes. However, it gradually declined.
Ethereum
FintechZoom – Ethereum Price: 5 May 17:20 GMT
Ethereum showed signs of speedy recovery today, as the market price increased up to $2800. It has been a month now, and Ethereum is trading in a sharp range.
Ethereum prices have decreased by 0.36% in the last 7 days. Experts have predicted its price to reach $5800 by the end of 2022, which is nearly double its current price.
Dogecoin
FintechZoom – Dogecoin Price: 5 May 17:20 GMT
The past few days we have seen a steady decline in the price of dogecoin. Today, there was a 5.37% decrease in its price at the time of writing. Though the market price still rests at $0.12, there is a strong hope for a whopping increase.
One of the major reasons behind this hope is the approval of Dogecoin by Gucci. Gucci recently announced that they will be accepting Dogecoin, Shiba Inu, and a few other cryptos at selected locations. In the past 7 days, Dogecoin observed a 0.06% increase in its price.
Tether
FintechZoom – Tether Price: 5 May 17:20 GMT
One of the major utilities of stable coins is they act as a bridge for investors. Tether is one of the most frequently used stable coins for moving from one cryptocurrency to another.
There was a drastic decrease in the market price, as it went down by 6.78%. Over the past 7 days, there was a 0.03% decrease observed in its price. Consequently, the investors sold Tether contributing to a strong selling rate.
USD Coin
FintechZoom – USD Coin Price: 5 May 17:20 GMT
The crypto market remained stable for the USD Coin. The market price rested at $0.99 with a 0.05% increase over the last 7 days. Besides other statistics, the market witnessed a strong selling of USD coins.
USD Coin is the second-largest stable coin after Tether, which is currently struggling to keep its place in the not-so-volatile world of stable coins.
However, the announcement made by Twitter and Stripe about their arrangement with USD Coin is predicted to contribute to the betterment of its market position.
XRP
FintechZoom – XRP Price: 5 May 17:20 GMT
The last few months have been tough for XRP. It went through what analysts call a bottom reversal pattern. Today was another drawdown day for XRP, as it witnessed a 6.76% decline in market price.
The market price at the time of writing was $0.59. Though there is hope for a price rise, the current market trends are contributing to a volatile environment. In the past week, it observed a 1.74% surge in its price.
Final Thoughts
As Bitcoin and Ethereum are having a really hard time stabilizing their prices, meme coins are surging. Though nothing could be predicted about the drawdown yet, a strong selling trend has been witnessed among the top cryptocurrencies.
