Yesterday Bitcoin (BTC) broke a major support at $37,000. The largest crypto currency by market capitalization declined by over 4% causing the price to hit $35,200. Bitcoin has now stabilized around the $36,000 amid yesterday’s sharp sell off.
Altcoins also experienced significant drops in price but are now showing relative stability alongside Bitcoin.
Ether declined by 4.5% yesterday and broke support at $2,710. ETH price looks to be relatively stable for today as it has been ranging around $2,650 to $2,700. There is still huge bearish sentiment among traders in the market and this might cause the price of ETH to tank further. The next support zone for ETH sits around $2,500 – $2,400 level.
On May 5th the price of Binance Coin (BNB) plummeted by 10%. The price of the 4th largest crypto currency by market cap. fell from $413 to $370. BNB’s price looks to be relatively stable after a quick sell off. BNB is currently trading around $377 at the time of this release.
OTHER CRYPTO CURRENCY’S PERFORMANCE FOR THIS WEEK
| CRYPTO CURRENCY | PRICE | 24h% | WEEKLY % |
| SOLANA (SOL) | $81.28 | +0.15% | – 10.25% |
| TERRA (LUNA) | $71.82 | -9.23% | – 10.17% |
| RIPPLE (XRP) | $0.5931 | -0.43% | -2.65% |
| TRON (TRX) | $0.08602 | +4.48% | 37.38% |
| ALGORAND (ALGO) | $0.7587 | +8.76% | 25.21% |
| POLYGON (MATIC) | $1.05 | +0.04% | -5.34% |
| DECENTRALAND (MANA) | $1.41 | -2.19% | -8.90 |
| Aave (AAVE) | $137.86 | -1.02% | -10.49% |
| FANTOM | $0.7047 | -1.71% | -3.50% |
| CURVE DAO TOKEN (CRV) | $2.31 | -0.3% | +6.6% |
| ANCHOR PROTOCOL (ANC) | $1.89 | -8.3% | +14.1% |
| AVALANCHE (AVAX) | $56.77 | -0.70% | -4.49% |
SOURCE: COINMARKETCAP
ALGO and TRX closed green as top market gainers while the rest coins closed bearish.
The market has seen Choppy price action over the past week. This has continued to reflect the uncertainty among traders, especially as macroeconomic risks linger.
The Bank of England (BOE) hiked interest rates and warned the public about an economic downturn on Thursday, triggering fears of stagflation, or high inflation and slow economic growth, among investors. The central bank voted to raise its benchmark interest rate to 0.75% from 0.5%, its largest increase since 2008, in an attempt to keep inflation under control. The move came after the BOE revised down its economic forecasts for the U.K. in its twice-yearly Inflation Report.
The Crypto market is showing broader bearish signs and there are indications that prices may go much lower. Investors and traders should tread with caution.
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