Cryptocurrency Market Highlights | 06 May 2024

Last week, the broader crypto market recovered somewhat following a big sell-off scenario. Leading cryptocurrencies including Bitcoin, Ethereum, and Solana are once again experiencing positive momentum.

The events of the previous week prompted positive sentiment in the crypto world, and we are eager to see what this month has in store. Before you get started, check out our Cryptocurrency Market Highlights.

According to CoinMarketCap, the current market cap is  ₹180.29 Trillion on 06 May. However, in the past few weeks, even the top-performing coins were seen as moving in a bullish trend and were trying to continue their ongoing market trend.

As of the past week, Bitcoin is priced at ₹5,340,402.42, reflecting a 1.08% jump within the last 24 hours with a marginal surge of 0.78% over 7 days. Talking about Ethereum, ETH is currently valued at ₹261,622.17, showing a 1.46% surge in the past 24 hours, with a marginal drop of 3.44% over 7 days.

Cryptocurrency Market Highlights: Top Trending Coins

In the past week, three cryptocurrencies have remained the talk of the town because of some recent developments related to these cryptocurrencies: Toncoin (TON), Dogecoin (DOGE), and Avalanche (AVAX). 

In the past week, the price of Toncoin (TON) showed an 8.39% jump. In addition, the token also experienced a surge of 5.21% in the past 24 hours. The token is currently trading at the price of ₹492.08.

Talking about Dogecoin (DOGE), the token illustrated a 10.57% spike as compared to other major cryptocurrencies. Moreover, DOGE has also shown a 2.02% jump in the past 24 hours, trading at a price range of ₹13.58.

Furthermore, the Avalanche (AVAX) token surged by 10.08% in the last 7 days. Moreover, in the past 24 hours, the token also jumped by more than 1.05%. In addition, the price of the AVAX token is trading at ₹3,137.91. 

Top Crypto Gainers & Losers

The past week remains one of the most confusing weeks for the crypto market in 2024. So, let’s have a look at some of the top crypto gainers and losers from the past week:

Cryptocurrency Market

How the Crypto Market Became Bullish?

The cryptocurrency market has become bullish because of the happenings of several positive developments related to the crypto market. Events like low outflow from the US spot Bitcoin ETFs, good inflow in Hong Kong Bitcoin & Ethereum ETFs, and rising positive sentiments of investors, helped the market to regain the lost bullish trend.

Several prominent crypto traders and experts believe that this turn might become unstoppable for several cryptocurrency prices. 

Cryptocurrency Market Highlights: Trending News From the Last Week

▪️ Vodafone, a UK-based telecoms company, intends to bring blockchain technology to smartphone consumers by combining cryptocurrency wallets with subscriber identity module (SIM) cards. 

▪️ The Enforcement Directorate (ED), an Indian law enforcement agency, seized 90 crores ($10.5 million) from the online fraud software E-Nuggets with the assistance of cryptocurrency exchanges Binance, ZebPay, and WazirX.

▪️ On April 30, a federal judge sentenced former Binance CEO Changpeng “CZ” Zhao to four months in jail for breaking US money laundering statutes.

SunCrypto Views

The current bullish trend in the crypto market reflects its dynamic evolution, which has featured huge gains and perplexing investor trust. This development reflects growing institutional interest and technical breakthroughs.

Despite these advancements, the market’s inherent volatility remains. To handle potential risks, investors should be cautious, conduct comprehensive research, and employ a range of strategies. While the recent bullish trend is unbelievable, it is crucial to approach the cryptocurrency market with caution and a long-term perspective.

For more crypto-related content like Cryptocurrency Market Highlights, informational blogs, and crypto news, check out Suncrypto Academy.

 

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. All content provided is for informational purposes only, and shall not be relied upon as financial/investment advice. Opinions shared, if any, are only shared for information and education purposes. Although the best efforts have been made to ensure all information is accurate and up to date, occasionally unintended errors or misprints may occur. We recommend you do your own research or consult an expert before making any investment decision. You may write to us at [email protected].

Leave a Comment

Related Posts

FOMO in Crypto Trading

How to Fight FOMO in Crypto Trading?

FOMO – Fear Of Missing Out – is a daily opponent for all crypto traders,

bitcoin-runes-protocol

New Bitcoin Runes Protocol, You Need To Know About…

The Bitcoin (BTC) network, launched in 2009, was designed to support only one crypto asset:

Crypto market news

4 Major News That Shook The Whole Crypto Market

The crypto market is known for its volatility, and some recent major events have caused