Cryptocurrency Prices Today May 02: Bitcoin up, XRP biggest gainer

Representative image

Representative image

Global cryptocurrencies opened in the green early on May 2. The global crypto market cap is $ 1.74 trillion, a 3.07 percent increase over the last day. The total crypto market volume over the last 24 hours is $ 81.96 billion, which makes a 1.53 percent decrease.

The total volume in DeFi is currently $ 9.16 billion, 11.18 percent of the total crypto market 24-hour volume. The volume of all stable coins is now $ 69.57 billion, which is 84.88 percent of the total crypto market 24-hour volume.

Bitcoin’s price is currently Rs 31.51 lakh, with a dominance of 42.15 percent. This is a 0.23 percent decrease over the past day, as per data from CoinMarketCap.

In top news, at the Berkshire Hathaway Annual Meeting 2022, Chairman and CEO Warren Buffett and Vice-Chairman Charlie Munger were back at their game. They elaborated on their investment decisions, spoke about market trends and follies, and ribbed each other.

Buffett and Munger have been critical of Bitcoin for the longest time. Unsurprisingly, bitcoins were roundly denounced at the meeting.

According to Buffett, assets must deliver something to someone to have value. Things cannot claim value only because someone else is willing to pay more for it.

Munger was more biblical in his pronouncements. He called Bitcoin “stupid and evil”. Stupid because he expects its value to come down to zero, and evil because it can destabilise the US financial system.

In other news, the company behind the “Bored Ape” series of NFTs has raised around $ 285 million worth of cryptocurrency by selling tokens which represent land in a virtual world game it says it is building.

In 2021, United States-based start-up Yuga Labs created the Bored Ape Yacht Club NFTs, blockchain-based tokens representing a set of 10,000 computer-generated cartoon apes. As NFTs exploded in popularity, Bored Ape prices surged to fetch hundreds of thousands of dollars each.

Now, Yuga Labs – which raised $ 450 million in March in a funding round led by Andreessen Horowitz – has set its sights on the “metaverse”.

As off 7.20 am on May 2, these are the prices of largest cryptocurrencies (data from WazirX):

Bitcoin 31,51,008 1.92%
Ethereum 2,30,627.5 2.04%
Tether 81.38 -0.44%
Cardano 64.1999 2.15%
Binance Coin 31,546.90 1.27%
XRP 40.8080 3.55%
Polkadot 1,258.98 3.27%
Dogecoin 10.7986 1.77%

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