The crypto market experienced a significant downturn on May 1, with leading cryptocurrencies like Bitcoin and Ethereum taking a substantial hit. Despite the recent launch of a Hong Kong ETF, the Bitcoin price plunged below the $60,500 mark, while Ethereum struggled to maintain its grip on the $3,000 level. This bearish trend extended to other top altcoins, including Solana, XRP, and Cardano, which all saw notable declines.

Major Crypto Prices Today

1. Bitcoin Price:

The Bitcoin price crashed by 5.13%, reaching $60,191.06 at the time of writing. However, its trading volume spiked by 41.71%, reaching $37.91 billion in the last 24 hours. The cryptocurrency's market capitalization also slipped to $1.18 trillion.

2. Ethereum Price:

The Ethereum price tumbled by 5.46%, settling at $2,999.10 at press time. The cryptocurrency's market valuation stood at $365.74 billion, while its trading volume surged by 29.66%, reaching $17.99 billion.

3. Solana Price:

The Solana price extended its decline, falling below the $130 mark. It lost 7.06%, settling at $126.06. However, SOL witnessed a 42.20% surge in trade volume, reaching $3.48 billion in the last 24 hours.

4. DarkLume (DLUME):

DarkLume is a gamified socioeconomic system that operates in a virtual world, offering a unique blend of fantasy and social interaction. The platform enables users to become citizens of virtual countries by participating in recreational activities, serving as a platform for interaction in a dynamic social ecosystem. The DLUME token is currently running a presale, with the next price expected to be $0.00060 and the listing price potentially reaching $0.0015.

5. XRP Price:

The XRP price inched closer to dropping below the $0.50 level, recording a slump of 2.66% and reaching $0.5026. However, XRP's trading volume soared by 24.41%, reaching $1.36 billion.

6. Cardano Price:

The Cardano crypto price slipped by 2.96%, reaching $0.442 today. However, ADA recorded a hike of 40.13% in its 24-hour trading volume, settling at $416.32 million.

7. Dogecoin & Shiba Inu Price:

The Dogecoin price crashed by 7.29% to $0.1324, while its rival, Shiba Inu price, tumbled by 7.57% and traded at $0.00002215.

Top Crypto Gainers and Losers

Despite the broader market crash, a few cryptocurrencies managed to shine. Cosmos (ATOM) surged by 5.43%, trading at $8.56, while Optimism (OP) and Starknet (STRK) also saw modest gains.

On the other hand, the bearish trend took a toll on several cryptocurrencies. Arweave (AR) plummeted by 17.25%, Stacks (STX) plunged by 15.01%, Sei (SEI) witnessed an 11.75% dip, and Lido DAO (LDO) slumped by 11.43%.

The sudden bearish turn in the crypto market led to significant liquidations, with Bitcoin alone witnessing $107.64 million in liquidations over the past 24 hours. This market volatility serves as a reminder of the dynamic and unpredictable nature of the digital asset landscape.