Cryptocurrency Prices on May 8: Bitcoin Below $62500; Solana & Dogecoin Down 4%+

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During Wednesday’s trading, the cryptocurrency market experienced a downturn, with major coins like Bitcoin, Ethereum, Solana, and Dogecoin leading the decline.

This led to a 1.8% drop in the global cryptocurrency market cap within just 24 hours, bringing it to approximately $2.3 trillion.

Cryptocurrency Market Update: Prices and Analyst Insights

As of 12:25 p.m., Bitcoin was trading 1.6% lower at $62,490, while Ethereum experienced a 1.7% drop to $3,017. Other altcoins like Solana (-4.8%), XRP (-3%), Dogecoin (-4.4%), Shiba Inu (-3%), Avalanche (-5.7%), and Internet Computer (-3.5%) also followed suit in the downward trend.

According to CoinSwitch Markets Desk, markets continued to decline for the second consecutive day following Bitcoin’s failure to surpass the $65,000 mark. The immediate support level for Bitcoin is around $62,000, and breaching this could potentially push the price back to recent lows of $57,000.

Meanwhile, Rajagopal Menon, Vice President at WazirX, expressed concerns about persistent selling pressure, raising the possibility of a price decline towards the critical $58,000 support zone. Although historically strong, a further drop cannot be ruled out entirely.

Bitcoin’s Long-Term Outlook and Market Metrics

Rajagopal speculated that Bitcoin’s long-term gains could be anticipated around September, potentially influenced by a 25 basis points rate cut by the Federal Reserve. However, the current market conditions do not provide clarity on this matter, and updates on rate hikes could impact Bitcoin’s long-term price trajectory.

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The volume of all stablecoins now stands at $59.06 billion, constituting 91.69% of the total crypto market’s 24-hour volume, according to CoinMarketCap data. Meanwhile, Bitcoin’s market capitalization decreased to $1.228 trillion, accompanied by a 16.6% decline in BTC volume to $25.47 billion within the same timeframe.

Edul Patel, CEO of Mudrex, noted that BTC’s support currently rests at the $61,500 level, with resistance at $64,500. Patel suggested the likelihood of range-bound trading for several days, as Bitcoin lacks sufficient strength to initiate an upward move.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.


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