FX.co ★ Analysis and forecasts for major cryptocurrencies on May 5, 2021

The cryptocurrency market has shown good growth over the past few days. Ethereum, which continues to update historical records, has become the main engine of growth in crypto asset quotes. Other coins maintain important milestones and continue to show growth in the targeted corridors. However, on May 5, the market decided to take a break before the start of a new growth cycle. Despite an insignificant decrease in cryptocurrency indicators, over the past day, the total market capitalization increased by 1.7%, reaching $2.360 trillion.

At the same time, the main digital asset managed to avoid the worst possible scenario and gained a foothold at the safe boundary of $55,000. Over the past day, the indicators of the cryptocurrency have decreased by 2%, however, bitcoin does not move away from safe positions and is kept in the region of $53,000-$55,000. In the near future, the main cryptocurrency will try to test the $60,000 mark, as evidenced by the growing daily trading volumes ($ 72.4 billion). Bitcoin needs to gain a foothold above a difficult mark to start a full-fledged growth.

The information background allows BTC to once again try to overcome a difficult psychological line. It became known that the Chicago Mercantile Exchange launched trading in new instruments created based on bitcoin - Micro Bitcoin futures. At the same time, it became known that the income of bitcoin miners in April decreased by 3%. This is due to the decline in the price of bitcoin. However, given the problems with electricity supply in China, it is worth noting that the drop in indicators was not so critical when you look at the big picture. Despite the relative calm and positive on the market, bitcoin needs to gain a foothold above the $60,000 mark, otherwise, the asset risks running into a correction again, which can cause a large-scale sale of the asset.

XRP/USD indicators have shown good growth over the past few days and even crossed a difficult psychological milestone. At the same time, on May 5, the quotes of the Ripple coin decreased by 1%, stopping at $1.48. The reason for the small drawdown of the asset may be the SEC statement. The regulator has threatened legal actions against investors who are trying to intervene in the lawsuit between Ripple and the SEC. Based on this, it can be assumed that the coin will continue to fluctuate in the indicated corridors without sharp spikes in price growth.

After a small hangover, due to which LTC flew out of dozens of cryptocurrencies, the asset showed a meteoric rise. Over the past day, Litecoin has risen in price by 8% and reached an important milestone of $340. It should be noted that the local correction allowed new market participants to enter the asset on acceptable terms and count on further growth. The fall in altcoin turned out to be quite strong, but the asset regained its position thanks to the positive on the market. After all, Mastercard conducted a study, thanks to which it became known that more than 40% of consumers from different countries are ready to use cryptocurrency as a means of payment. Another payment giant - PayPal - announced the creation of a stablecoin, which is already being worked on.

Elon Musk's hand-held altcoin Doge demonstrates great success. The asset continues to develop various areas of application and obediently rises in price after the next tweet of the billionaire. However, the really important event for the meme asset was the sudden listing of the Gemini crypto exchange. Thanks to this announcement, the cryptocurrency displaced XRP from the top 4 crypto assets in terms of capitalization and reached $0.677, having risen in price by 139% over the week. In the near future, the asset price may continue to grow, given the positive agenda, however, the cryptocurrency continues to remain extremely volatile.