Bitcoin Falls Under $5,700 as Stock Market Sees Downturn

Monday, May 5 — most of the top 20 cryptocurrencies are reporting moderate losses on the day by press time, as bitcoin (BTC) has fallen under the $5,700 mark.

Market visualization courtesy of Coin360

Bitcoin is down over 1.5% on the day, trading at $5,692 at press time, according to CoinMarketCap. Looking at its weekly chart, the coin is up over 8.2%.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: CoinMarketCap

Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $17.4 billion. The second-largest altcoin, XRP, has a market cap of $12.6 billion at press time.

CoinMarketCap data shows that ETH is up over .5% over the last 24 hours. At press time, ETH is trading around $164. On the week, the coin has also seen its value increase by nearly 6.7%.

Ether 7-day price chart

Ether 7-day price chart. Source: CoinMarketCap

XRP is down over 1% over the last 24 hours and is currently trading at around $0.299. On the week, the coin is up 2.3%.

XRP 7-day price chart

XRP 7-day price chart. Source: CoinMarketCap

Among the top 20 cryptocurrencies, the only coin reporting gains other than ether is tron (TRX), which is up over 1.8%.

At press time, the total market capitalization of all cryptocurrencies is $180.6 billion, over 7.2% higher than the value it reported a week ago.

Total market capitalization 24-hour chart

Total market capitalization 24-hour chart. Source: CoinMarketCap

In traditional markets, the United States stock market is seeing a moderate downturn so far today, with the S&P 500 down 1.56% and the Nasdaq down 2.15% at press time. The CBOE Volatility Index (VIX), on the other hand, has gained a solid 4.98% on the day at press time.

Major oil futures and indexes are seeing mixed movements today, with WTI Crude down 0.69%, Brent Crude down 0.24% and Mars US up 0.34% at press time. The OPEC Basket is also down 1.42% and the Canadian Crude Index has lost 2.17% by press time, according to OilPrices.

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