Crypto prices today: Bitcoin, ether, solana, Dogecoin, Shiba Inu witness a massive drop

Bitcoin received beating on US Fed's hawkish stance on interest rate hike in the upcoming US Fed meeting on May 2-3, 2022. Among top 10 cryptocurrencies Bitcoin, Ethereum, Solana, Shiba Inu, Dogecoin, etc. received heavy beating in last 24 hours, with Bitcoin moving towards further drop since January as rising borrowing rates reduce investors' appetite for riskier assets. 

The global cryptocurrency market capitalization today is at $1.8 trillion, a 2.8% drop in the last 24 hours. The total cryptocurrency trading volume today is at $98.6 Billion, with Bitcoin dominance at 40.2% and Ethereum dominance at 18.6%.

According to CoinGecko report, Bitcoin faced a steep selloff to the point it erased the $39,000-mark, by trading at $38,042.81, dropping 1.5% lower on Sunday. While the second-largest crypto Ethereum also dipped 1.3% and traded at $2,776.88. Broadly, the cryptocurrency market was in the red.

Solana on Sunday is priced at $87.80, at a whopping 6.5% drop from its price quoted 24 hours ago. Dogecoin also dropped 4.1% in the last 24 hours and is trading at $0.130209. Shiba Inu dropped even further at 7.8% in the last 24 hours, trading at $0.00002062 today. 

Marking a tumultuous week for cryptocurrencies, earlier this week Bitcoin jumped back to around $40,000 as positive U.S. company earnings emboldens investors across asset classes following weeks of volatile price swings.

The largest cryptocurrency by market value rose as much as 3.2% to $40,366, just days after dropping to a six-week low of less than $38,000 just two days ago. Ether hovered around $3,000 after increasing as much as 3.4%. Popular ‘altcoins’ Litecoin and XRP were up by 3.2% and 2%, respectively.

Despite being championed as an uncorrelated asset, Bitcoin has been trading much of the year in lockstep with more traditional assets such as technology stocks.