Cryptocurrency Price on May 8: Bitcoin slips below $62,500; Solana, Dogecoin fall decline over 4%
Cryptocurrency markets witnessed a downturn in Wednesday's trading session, with Bitcoin, Ethereum, Solana, and Dogecoin leading the decline. The global cryptocurrency market cap also decreased by 1.8% to approximately $2.3 trillion within the last 24 hours.
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. Additionally, altcoins like Solana (-4.8%), XRP (-3%), Dogecoin (-4,.4%), Shiba Inu (-3%), Avalanche (-5.7%), and Internet Computer (-3.5%) followed suit in the downward trend.
«Markets kept hitting lower for the second day in a row after BTC failed to cross the $65k mark a couple of days back. The next immediate line of support for BTC stays around the $62k mark, which if breached, could take the price back to the recent lows of $57k,» said CoinSwitch Markets Desk.
Meanwhile, Rajagopal Menon, Vice President at WazirX, said, «The persistent selling pressure has raised concerns about a potential price decline towards the critical $58,000 support zone. While this level has historically acted as a strong floor for Bitcoin, a further drop cannot be entirely discounted.»
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The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of
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