By Nathan Ferguson
The largest cryptocurrency by market cap, Bitcoin, lost 1.65% over the past 24 hours to explore $38,597.38. It lost 2.48% within the past seven days. Ethereum trades at $2,826.23, losing 2.30% over the past day. The leading alt by market cap dropped 4% since last week.
Top cryptos by market capitalization witnessed a beating during Saturday’s trade, losing up to 6% amid worries of a possible sharp rate hike in the coming policy review (2 May – 3 May), despite the U.S economy contracting 1.4% in March’s quarter. Similar concerns had translated to a collapse on Wall Street over the past day.
The largest cryptocurrency market cap, Bitcoin, dropped 2.43% within the previous 24 hours to explore the $38,597. Bitcoin hovers 2.48% down within the past seven sessions. That triggered plunges in the altcoin space.
Ethereum lost 2.30% within a day to $2,826, and the 2nd-largest crypto lost 4% within the past week. Binance Coin traded at $396.94, dropping 1.83%. Also, Solana declined by 3.73% to $93.94, its weekly losses standing at 5.6%.
Ripple’s XRP lost 2.98% to hit $0.6193. The remittance token lost more than 13% within the past week. Cardano and Terra plunged by 3.3% and stayed down 8 – 9% over the previous seven days. Also, Shiba Inu plummeted by 3%. On the other side, Polkadot, Dogecoin, Avalanche, and TerraUSD declined by about 6%.
The global crypto market capitalization dropped towards the $1.76 trillion areas, losing 2.46% within the past day. Meanwhile, the total crypto trading volume fell to $91.14 billion, following a 5.92% loss (Coinmarketcap data).
Global News
The Swiss National Bank (SNB) does not support purchasing and holding BTC as a reserve coin. Chairman Thomas Jordan revealed that during Friday’s annual general meeting. He added that the bank, which boasts 937bn in foreign currency investment, cut its investment in fossil fuel and energy companies.
For now, the crypto market seems weak as uptrend attempts encounter immediate rejections. Improved sentiment in the global financial space remains crucial for steady upswings in the cryptocurrency marketplace.