Bitcoin (BTC +2.11%) edged higher by 0.96% to $76,480.00 today while Ethereum (ETH +1.76%) added 0.59% to $2,265.76 and Solana (SOL +1.53%) inched up 0.11% to $83.12. Prices as of at 4.00 p.m. Eastern time.
Crypto market movers
Privacy coin Zcash (ZEC +5.85%) surged 9% on strong inflows into the Grayscale Zcash Trust (ZCSH +7.75%). Dogecoin (DOGE +2.35%) gained again today. The memecoin’s price has increased 10% in the past month, in part due to speculation about the upcoming launch of Elon Musk’s X Money payment platform. In the past, Musk’s social media messages have propelled Dogecoin upwards.
What this means for investors
Top cryptocurrencies were little changed today as Bitcoin struggled to hold above $77,000, and profit-taking prevented broader gains. Bitcoin ETFs saw about $138 million in net outflows yesterday, reflecting wider concerns about inflation and soaring oil prices.
Falling confidence in decentralized finance (DeFi) put pressure on Ethereum’s price after hackers stole over $650 million in April — the highest monthly amount in four years. Although security incidents in crypto are nothing new, the increasing number of them reduces trust in DeFi.
The crypto market has erased some of this year’s losses, but without major growth drivers, investors can expect somewhat sluggish momentum in the short term, particularly while tensions in the Middle East remain high and the Iran war continues. The long-term outlook for blockchain adoption remains positive, but risk-off sentiment is preventing a broader rally.
Emma Newbery has positions in Ethereum and Solana. The Motley Fool has positions in and recommends Bitcoin, Ethereum, and Solana. The Motley Fool has a disclosure policy.
