Bitcoin Price & Ethereum Price Lag Behind This Week, Altcoins Shine!

KEY TAKEAWAYS

1. Top crypto tokens by market cap – Bitcoin price is up 0.5% trading around $27,600, Ethereum price is trading at $1840, up about 0.25% in the past 24 hours.
2. Global crypto market cap is up about 0.25% in the past 24 hours, currently at about $1.16 trillion, according to data from CoinMarketCap.

CRYPTO MARKET TODAY AT A GLANCE

Additional Read: Bitcoin Price Prediction

TOP CRYPTOS TODAY BY MARKET CAP

The crypto market over the past week has had a very balanced price action, with no major spikes here and there – however, the overall bias has been towards the negative side. Bitcoin has had a very tough time at the $30,000 level – which has been acting as a very stiff resistance level for BTC price. And Bitcoin, which currently is near a one-year high in terms of market cap dominance has been weighing down on the market due to its poor performance in recent days. Ethereum too has been lagging behind over the course of the past week, along with the rest of the top altcoins by market cap amongst the top 15 cryptos by market cap.

However, some smaller altcoins have been performing extremely well and have given extraordinary returns over the past week. One of the biggest gainers definitely has to be the latest memecoin on the block, PEPE – which is giving the dog memes a run for their money. While the basis for the coin remains extremely questionable thanks to limited on-chain availability and extremely large whale ownership which risks investors’ money.

I want to address the recent requests to list a certain memecoin PEPE that has been trending in the market. While we understand the excitement around this particular asset, we have made the decision not to list it on @CoinDCX

We take our responsibility as a trusted platform…

— Sumit Gupta (CoinDCX) (@smtgpt) May 5, 2023

Apart from that, other altcoins like Bitcoin SV, which is one of Bitcoin’s forks has shown an incredible rally over the past couple of days amid the network congestion issues and skyrocketing transaction fees on the original Bitcoin network.

Read more: Bitcoin Network Congestion Leads to Unprecedented 8x Jump in Transaction Fees

BITCOIN PRICE TODAY

BTC/USD | Source: TradingView

The month of May 2023 has been relatively flat for the king coin as it has long all the minor gains it had managed to make in the early days of this new month. BTC price is currently testing the $27,600 to $27,700 support level, which has held strong a couple of times in the past two months and can be expected to hold too unless there is a negative news break in the space. However, on the flip side, the $30,000 mark has also been a region of tough resistance and a huge supply zone.

Bitcoin’s Relative Strength Index indicator has been on a downward slide ever since the middle of May 2023 and is currently around 42, which puts some amount of bearish pressure on BTC prices. Additionally, BTC price has also broken down below the short-term 50-day moving average, which also indicates some short-term weakness might be ahead for the king coin. If the $27,700 support level holds strong, we can expect some amount of recovery if the overall sentiment improves.

Know More: What is the Bitcoin price prediction for 2023?

ETHEREUM PRICE TODAY

ETH/USD | Source: TradingView

Ethereum price too has been on the weaker side since the beginning of May and is currently testing the $1800 support level, which coincides with the uptrend trendline (marked in blue). Ever since the successful execution of the Ethereum Shanghai Capella Upgrade back on April 12, ETH price peaked at $2100 and has been falling ever since. The $2100 level marks the upper limit of the consolidation range (marked in grey) between $1700 and $2100 and that was bound to be a strong resistance to break.

However, more recently, pretty much like Bitcoin – Ethereum too has broken down slightly below its 50-day moving average which indicates some short-term bearishness in the altcoin king. However, it is still well above the $1700 mark as of writing this article and thus there is no cause for concern just yet. On the upside, $2100 was a critical resistance zone that will be difficult to break. As of writing, it is within the accumulation zone (marked in grey) and these kinds of minor spikes and corrections will continue to absorb all the selling pressure this accumulation zone has to offer before ETH price can breach the $2100 level.

Prices as on May 10, 2023.

Read on: What will Ethereum be worth in 2025?