The most expensive cryptocurrency , Bitcoin, managed to make a measly gain of 1.60% today, Thursday, May 4. At the time of writing, Bitcoin has traded $28,986 on both national and international exchanges. In the past 24 hours, Bitcoin has grown in value . by $528.
The price of Ether is up 1.90% today, Thursday, to trade at $1,898, and the value of Ether has gained $38 over the past 24 hours.
The small growth of most cryptocurrencies comes on the back of another interest rate hike announced by the United States on May 3 to fight inflation there.
Rajagopal Menon, Vice President of WazirX told Gadgets 360 “Bitcoin has recovered after the US Federal Reserve raised interest rates by 25 basis points, and strategists point out that the current banking crisis in the US is boosting cryptocurrency prices as another potential bank failure looms.” Investors will also be watching for the impact of Friday’s US employment numbers on cryptocurrencies.”
The overall crypto market grew by 1.65% in the last 24 hours, according to CoinMarketCap, the crypto sector has a valuation of $1.65 trillion.
Industry insiders believe that the cryptocurrency market will only grow in the coming days, especially due to the recent banking turmoil in the US and weaker-than-expected job data there.
Moreover, the Bitcoin hash rate has just increased to 439 exahashes per second, and the number of transactions processed on the Bitcoin blockchain in a single day has exceeded 682,000, demonstrating the strength and stability of the network, and the increasing reliance on Bitcoin in various use cases according to Gadgets. 360.