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

The most expensive cryptocurrency gained by 1.90 percent on Wednesday to trade at the price point of $28,457 (roughly Rs. 23 lakh).

Written by Radhika Parashar, Edited by Manas Mitul | Updated: 3 May 2023 12:02 IST

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

Photo Credit: Pexels/ DS Stories

The overall crypto market valuation sits at $1.18 trillion as of May 3

Highlights

Binance USD recorded profits
Dogecoin, Shiba Inu recorded losses
Monero saw value dips

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.

[Sponsored] Samsung Galaxy S24: The Ultimate Camera Phone With Smarter On-Device AI

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.

Bitcoin Mining Chip From Jack Dorsey’s Block Enters Prototype Stage

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.

The Vivo X90 Pro has finally made its debut in India, but is the company's flagship smartphone for 2023 equipped with enough upgrades over its predecessor? We discuss this and more on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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.

Affiliate links may be automatically generated - see our ethics statement for details.

Cryptocurrency Prices across Indian exchanges

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Further reading: Cryptocurrency, Bitcoin, Ether, Qutm, Wrapped Bitcoin, Zcash, Tether, USD Coin, Ripple, Binance USD, Binance Coin, Cardano, Polygon, Solana, Polkadot, Dogecoin, Shiba Inu, Litecoin, Uniswap, Tron, Monero, Dash, Bitcoin Cash, Flex, Cartesi, Braintrust

Radhika Parashar

Email Radhika

Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More