Bitcoin Shows Strength Amid Volatility Drop

As the global cryptocurrency market steps into May, signs of consolidation are emerging after a volatile April.

The global cryptocurrency market showed signs of stabilisation in early May after a turbulent April, with Bitcoin displaying strength and altcoins struggling to maintain momentum.

Bitcoin Price Today, May 1

At the start of the new month, Bitcoin hovered around the $95,000 mark, exhibiting resilience despite facing strong resistance at this level. On Thursday, May 1, BTC was trading at $94,920, reflecting a marginal 0.17% dip in the last 24 hours. On Indian exchanges, BTC was trading slightly higher at $95,400, despite registering a 1% intraday loss.

According to Alankar Saxena, Co-founder and CTO of Mudrex, Bitcoin is showing “strong resilience at lower levels.” This resilience is attributed to continued ETF inflows and increasing whale accumulation, which are impacting the cryptocurrency's price trends.

Research from K33 further highlighted that Bitcoin’s weekly volatility has dropped to its lowest point in 563 days, highlighting the asset’s growing stature as a mature financial instrument.

“BTC faces resistance at $95,500 while support lies at $93,000,” Saxena noted.

On the other hand, Ethereum (ETH) price remained relatively steady, posting a 0.31% price increase to trade at $1,810 on international platforms and $1,824 on Indian exchanges.

Avinash Shekhar, Co-Founder and CEO of Pi42, noted that Ethereum is undergoing consolidation and “may be preparing to shift dominance depending on market dynamics.’ He added that overall sentiment in the crypto sector remains cautiously optimistic.

However, altcoins struggled to maintain upward momentum. Major tokens such as:

Ripple (XRP)

Solana (SOL)

Binance Coin (BNB)

Dogecoin (DOGE)

Cardano (ADA)

Chainlink (LINK)

—all traded in the red.

Other altcoins including Tron (TRX), Uniswap (UNI), Cronos (CRO), EOS, and Bitcoin SV (BSV) also registered losses.

Crypto Market Today, May 1

The global crypto market cap fell by 0.26% in the last 24 hours, bringing the total sector valuation to $2.96 trillion, according to CoinMarketCap data.

Despite the broader market pullback, a few coins such as Leo, Monero, Floki Inu, and Zcash managed to hold onto minor gains.

The CoinSwitch Markets Desk attributed the market dip to negative US economic indicators, including weaker-than-expected Q1 GDP data and lackluster employment reports, which triggered concerns over stagflation. These macroeconomic signals contributed to Bitcoin’s brief surge above $95,000, followed by a retreat.

“Investors should remain cautious amid ongoing economic uncertainty,” CoinSwitch advised.