Top Cryptocurrency Picks for May 7: Spotlight on Bitcoin (BTC), AIOZ Network (AIOZ), and Ethena (ETHNA)
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- As Bitcoin’s price consolidates north of $63,000, investors are considering it as the best crypto to buy now.
- Bitcoin’s performance is influenced by factors such as US jobs data, demand for spot Bitcoin ETFs, and its post-halving levels.
- Other cryptocurrencies such as AIOZ Network, Ethena, and Wiener AI are also gaining attention in the market.
Explore the latest trends and developments in the crypto market, including Bitcoin’s performance, the impact of macroeconomic factors, and emerging cryptocurrencies to watch.
Bitcoin’s Current Performance
Bitcoin’s price is currently consolidating just above $63,000, marking a gain of over 10% compared to last week’s lows in the $56,000s. This performance is influenced by softer-than-expected US jobs data and a surge in demand for spot Bitcoin ETFs from institutional investors. However, Bitcoin has found resistance at its 50DMA, suggesting that while its short-term downtrend has been snapped, the bulls are yet to fully gain control.