Crypto Market Today: May 4, 2023
The crypto market today is showing signs of recovery after a turbulent month of March when several crypto banks collapsed and regulators cracked down on some of the largest exchanges. Bitcoin, the leading cryptocurrency by market capitalization, has regained some of its lost ground and is trading above $30,000 as of May 4, 2023. Ethereum, the second-largest crypto, is also on the rise and is approaching $2,000.
According to analysts, the crypto market today is benefiting from a shift in investor expectations for interest rates, as the Federal Reserve may be forced to tighten its monetary policy sooner than expected due to rising inflation and labor market pressures. This could make crypto assets more attractive as a hedge against currency devaluation and inflation.
However, the crypto market today is not without challenges and risks. The regulatory environment remains uncertain and hostile in some jurisdictions, such as China and India, where authorities have banned or restricted crypto activities. The banking sector is still recovering from the fallout of the FTX exchange debacle and the subsequent failures of Silvergate Capital, Silicon Valley Bank, Signature Bank, and Credit Suisse. The liquidity and solvency of some crypto banks and exchanges are still in question.
Bitcoin Price Today
Bitcoin prices briefly topped $29,000 in late March before finishing the month at $28,477, a 19.2% monthly gain.
Crypto Market Today: Global Charts
The crypto market today has a total market cap of $1.24 trillion, up 2.9% in the last 24 hours, according to CoinGecko. There are more than 10,000 cryptocurrencies listed on CoinGecko, with a total trading volume of $132 billion in the last 24 hours.
Among the 10 largest cryptocurrencies by market capitalization, Ripple (XRP) was the best February performer with a 1.3% gain. Polygon (MATIC) was the worst performer, with a 9.8% loss.
Latest movers:
- Bitcoin $28,875.00 +1.17%
- Ethereum $1,877.31 +0.07%
- XRP $0.460954 +0.63%
- Cardano $0.386776 +0.38%
- Polygon $0.98 -1.43%
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