Crypto Markets See Gentle Green, US Stocks Edge Lower at Opening Bell
Yesterday’s mild market movements continue, with most of the top twenty cryptocurrencies seeing mild green.
Thursday, May 2 — yesterday’s mild market movements continues, with most of the top twenty cryptocurrencies seeing mild green on the day at press time with typical growth of between 1 and 3%, as Coin360 data shows.
Market visualization courtesy of Coin360
Bitcoin (BTC) is up 1.4% on the day and is trading at $5,455 by press time, according to CoinMarketCap. After a bullish spike at the start of its 7-day chart — with a break above the $5,500 mark on April 26 — the top cryptocurrency swiftly saw a sharp tumble down to below $5,200 that same day. Since then, the top cryptocurrency has recovered positive momentum and has today come close to trading as high as $5,470.
On the week, bitcoin is down a fractional 0.49%.
Bitcoin 7-day price chart. Source: CoinMarketCap
The largest altcoin by market cap, ether (ETH), is seeing virtually no price change over the past 24 hours and is trading around $160.93. The alt spiked in correlation with bitcoin on April 26 — hitting close to $166 — before seeing several days of mild corrections and fluctuations at a slightly lower price point. On the week, ether has reported a 2.5% loss.
Ether 7-day price chart. Source: CoinMarketCap
XRP has similarly seen virtually no price change on the day and is currently trading at $0.304. The asset saw its 7-day price high yesterday — at $0.311 — on May 1, during early trading hours, but has since corrected downwards. On the week, XRP has sealed a 0.43% slight gain.
XRP 7-day price chart. Source: CoinMarketCap
The top ten cryptocurrencies are largely green, almost all capped below a 3% gain, with the notable exception of native exchange token binance coin (BNB) — which has spiked 7.46% on the day to trade at $23.39. The only coin not in the green is eos (EOS), which has seen a minor 0.5% loss at $4.71.
Widening out to the top twenty, cryptocurrencies are again largely green, seeing gains below 3.5%, but with a scattering of red — bitcoin SV (BSV), cosmos (ATOM) and ethereum classic (ETC) are all reporting mild losses of below 1%.
Aften BNB, the highest gainer is among the top twenty cryptocurrencies is neo (NEO), which is up 3.3% to trade at $9.90.
The total market capitalization of all cryptocurrencies is currently around $177.06 billion — around $1.9 billion shy of its weekly peak on April 25.
Weekly high in the 7-day chart for the total market capitalization of all cryptocurrencies. Source: CoinMarketCap
In crypto and blockchain news, Hong Kong-listed contractor turned blockchain investor Grandshores Technology has revealed plans to enter the medicinal and industrial cannabis market in a bid to counter the adverse impact of crypto winter.
In an interview with reporters, the firm’s co-chairman is said to have stated that “both blockchain and industrial cannabis are the future, and both are embraced by the younger generation.”
Meanwhile, stock for Tesla — whose CEO is the well-known entrepreneur Elon Musk — reportedly climbed 4.4% following its announcement that it plans to raise $2 billion through the sale of additional shares.