Cryptocurrency Updates – May 2, 2022

Insight Bureau: Cryptocurrency traded in the green on May 2, 2022. The global crypto market cap rose 3.07% in a day, currently standing at $1.74 trillion. The total crypto market volume over the last 24 hours declined to $81.96 billion which is a 1.53% decrease.

The total volume in DeFi is presently $9.16 billion, 11.18% of the total 24-hour volume in crypto market. The dominance of the world’s biggest cryptocurrency, Bitcoin, is currently 42.15% which is a 0.23% decrease over the previous day, as per the data from CoinMarketCap.

Bitcoin has been struggling to regain control of its lost market as it continues to dive even further. This is making its investors skeptical of its dominance, causing them to seek other investment options or perhaps, other cryptocurrencies.

As of 2:30PM IST on May 2, 2022, the prices (in INR) and percentage increase (or fall) in 24 hours of some of the largest cryptocurrencies are:

Bitcoin – 31,73,962 , +1.72%
Ethereum – 2,31,557 , +1.63%
Tether – 81.77 , -0.60%
Cardano – 64.26 , +0.78%
Binance Coin – 31,833 , +0.59%
XRP – 50.90 , +4.80%
Polkadot – 1,240.30 , +0.31%
Dogecoin – 10.75 , -0.63%

In top news, Chairman and CEO Warren Buffett and Vice-Chairman Charlie Munger elaborated on their investment decisions at the Berkshire Hathaway Annual Meeting 2022. They spoke on market trends and follies, and their critical approch towards bitcoin which has been receiving negative feedback lately on account of its dipping market price.

In other news, the company behind NFTs “Bored Ape” series is found to have raised cryptocurrency worth about $285 million by selling tokens which represent land in a virtual world game. Now, US based start-up Yuga Labs which accumulated $450 million in March in a funding round headed by Andreessen Horowitz, has set its sights on the “metaverse”.