Top cryptocurrency prices today, May 5, 2023: Thursday's trading saw a rise in cryptocurrency prices as the US Fed increased its benchmark lending rate by 25 basis points once more to curb inflation. Ethereum (ETH) was trading above the USD 1,900 mark while Bitcoin (BTC) increased by 2.44% to USD 29,152. BTC volume increased by 20.54% during the past 24 hours, reaching around USD 19.5 billion.
"Bitcoin is regaining its vigour as a result of the Federal Reserve's decision to hike interest rates by 25 basis points. The Fed suggested that the increase this week might be the final one for the time being. According to Edul Patel, co-founder and CEO of Mudrex, "Bitcoin is currently trading at the USD29,000 level and is rapidly nearing its resistance levels of USD 29,420 and USD30,000.
Investors and dealers "are keeping a watchful eye on the upcoming US employment figures, which are scheduled to be released on Friday," Edul added.
The market capitalization of all cryptocurrencies was up roughly USD 1.20 trillion over the previous day.
DeFi's total 24-hour volume is at 3,45 billion, or 8.04% of the entire crypto market. The overall volume of stablecoins was USD 38.99 billion, or 90.76% of the 24-hour volume of the whole crypto market.
The largest cryptocurrency in the world by market cap, Bitcoin, was valued at almost USD 563 billion. According to CoinMarketCap, the market share of Bitcoin has increased by 0.21% since yesterday to 47.13%.
"Bitcoin (BTC) increased by 2% overnight after the US Fed said it would hold off on future interest rate hikes. Investors are likely to shift money in the near future towards Gold and Bitcoin due to worries about the US banking crisis. To support its surge in 2023, BTC needs to retake USD 30,000, according to Vikram Subburaj, CEO of Giottus Crypto Platform.
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