CRYPTO Price Today: Ethereum price at one point on Friday (May 12) fell 3.50% at $1,767.85 per token. The drastic fall in Ethereum’s price contributed to losses in the global market cap as Ethereum is the second largest cryptocurrency after Bitcoin in terms of market capitalization.
On Wednesday, tech giant Microsoft said that it has signed a power purchase agreement with Sam Altman Helion Energy to purchase electricity from it in 2028.
Sam Altman, the CEO of an Artificial Intelligence Research Laboratory (OpenAI) launched an encryption startup Worldcoin. One of the key products of Worldcoin is a crypto wallet, called the World App.
Earlier, Sam Altman’s Worldcoin had picked Ethereum’s largest scaling solution Polygon to launch it’s crypto wallet app on May 8. However, on Thursday it came to the limelight that Altman has decided to migrate the cryptocurrency wallet from Polygon to Optimism’s mainnet to achieve higher scalability.
One should note that Polygon and Optimism are Ethereum scaling solutions and rivals in the crypto space.
Following this development, Optimism’s price gained 1.60% at $1.64 per token.
Bitcoin price today was down 4.22% at $26,375.31 per token. At the time of writing this article, Bitcoin had a 24-hour trading volume of $19,352,605,672.
The global crypto market cap fell 2.97% on Friday at $1.10 Trillion. The total volume in DeFi at the time of fining was $2.92B, which indicates 6.88% of the total crypto market 24-hour volume. The volume of all stablecoins stood at $38.37B, which is 90.40% of the total crypto market 24-hour volume.
The decline in the price of the world’s largest cryptocurrencies could be attributed to increasing network congestion, increasing transaction fees, or an erroneously tagged US Government wallet abandoning a large position in a substantial sell order. Longer-term holders remained resilient despite short-term holders being negatively affected.
The price of the world’s most popular meme coins Shiba Inu, and Dogecoin also traded in red today. Shiba Inu was down 2.56% at $0.000008663, while the Dogecoin price was down 0.10% at $0.07195.