Cryptocurrency Prices on May 4: Bitcoin holds above $28,500; Ethereum rises up to 2%

Bitcoin

Cryptocurrencies are largely trading higher after the Federal Reserve hikes interest rates by a quarter point.

The global crypto market cap is $1.20 trillion, a 1.63% increase over the last day.

The total crypto market volume over the last 24 hours is $42.15 billion, which makes a 19.20% increase. The total volume in DeFi is currently $3.44 billion, 8.17% of the total crypto market 24-hour volume.

Bitcoin’s dominance is currently 47.03%, an increase of 0.13% over the day.

Bitcoin rose by almost 2% to $28,526 and Ethereum was above $1,850, while the global cryptocurrency market cap rose by 1% to $1.17 trillion.

The volume of all stablecoins is now $38.50 billion, which is 91.35% of the total crypto market 24-hour volume. Speculators may be anticipating an announcement on interest rate hikes by the Federal Reserve, leading some experts to predict that ongoing banking crises and the US economic outlook may affect short-term price movements in Bitcoin.

The banking crisis doesn't appear to be over yet. Shares of PacWest Bancorp (PACW) fell by more than 50% in after-hours action on Wednesday following a Bloomberg report the U.S.-based lender is mulling a range of strategic options.

Bitcoin (BTC) was up on the news, rising more than 2% to $28,900 at press time.

The news on PacWest comes only days after First Republic Bank (FRC) was taken over by the Federal Deposit Insurance Corp.

At 8.00 am on May 4, these were the prices of the top cryptocurrencies (data from WazirX):