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Cryptocurrency Price Today: Bitcoin, Ether Up After Fed Rate Hike, Cardano Gains Big


Cryptocurrency Price Today: All major cryptocurrencies on Thursday, May 5, registered sharp gains after the key interest rate hike by the US Federal Reserve. The morale of crypto investors got boosted following an ease of aggression by Fed chief Jerome Powell. The global cryptocurrency market cap, as a result, also showed a rise of 4.98 per cent over the past day to stand at $1.80 trillion, according to data.

Bitcoin price today rose by 4.24 per cent at the time of writing this article to stand at $39,673.64, as per data from CoinMarketCap. The world’s largest cryptocurrency rose by over 5 per cent on the day. On the other hand. Ether prices, too, jumped by over 5 per cent after the rate hike. Ethereum price today was standing at $2,932.46 at the time of writing this article, up by 4.94 per cent in the last 24 hours.

“Bitcoin and the overall crypto market cap jumped up by over 5 per cent in the span of just few hours as the FOMC announced a 0.5 per cent point increase in the interest rate. The RSI for BTC is currently at its highest in a month. On the hourly time-frame, the BTC chart has broken out of the channel pattern with the start of an uptrend last night. The next resistance is expected at $48,600. We could expect this upward momentum to continue for the next few days based on the chart pattern,” said the WazirX Trade Desk.

“Fed’s May FOMC meeting concluded with the decision that interest rates will increase by 0.5 per cent. In response to this news, major indexes closed green,” said Darshan Bathija, CEO and co-founder of Vauld.

“Bitcoin’s high correlation to the equities was quite apparent: Bitcoin recovered lost ground. The cryptocurrency market cap was up 6 per cent over the 24 hours, while Bitcoin was up 4.6 per cent  and Ethereum recovered 5.8 per cent,” he added.

Other major crypto coins like Cardano and Solana saw a steep rise of up to 14 per cent following the Fed announcement. “The 6-hourly trend for Cardano has broken out of a falling wedge pattern. The next resistance is expected at $1.24 levels and an immediate support is expected at $0.74,” said the WazirX Trade Desk.

Here are the top 10 cryptocurrencies and their prices on May 5, 2022 (data from coinmarketcap.com)

Bitcoin $39,673.64 or 4.24 per cent gain in the last 24 hours

Ethereum $2,932.46 or 4.94 per cent gain in the last 24 hours

Tether $1.00 or 0.00 per cent gain in the last 24 hours

BNB $401.58 or 4.10 per cent gain in the last 24 hours

USD Coin $1.00 or 0.01 per cent gain in the last 24 hours

Solana $93.60 or 9.05 per cent gain in the last 24 hours

XRP $0.6441 or 5.88 per cent gain in the last 24 hours

Terra $86.60 or 3.81 per cent gain  in the last 24 hours

Cardano $0.8651 or 11.11 per cent gain in the last 24 hours

TerraUSD $0.9987 or 0.11 per cent loss in the last 24 hours

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