Crypto On May 9: Bitcoin Falls Below $34k, Whales Continue To Buy The Dip Setting Records

Top cryptocurrency Bitcoin has fallen below the $34k mark as dollar continued to strengthen. However, Bitcoin and Ethereum whales continued to buy the dip and have hit a new four-year high.

Bitcoin dipped 3.21% to $33,494 as of 2.36 a.m. ET, CoinMarketCap data showed. Ethereum, too, plunged 4.02% to $2446. The global market cap was down 3.35% at $1.53 trillion.

"Whale transactions for Bitcoin and Ethereum have hit a new high in almost 4 years despite the fall in prices and a general worrying sentiment among investors," WazirX trade desk said.

"The next resistance is expected at $48,600 and immediate support for BTC is expected at $33,100 levels. We could see Bitcoin and the other Altcoins bleed further as the Dollar index keeps gaining," the Indian exchange told International Business Times.

All other top 10 tokens continued to bleed. Terra LUNA dipped 4.98% to $61.70. The token lost around 10% Sunday. Terra's stable coin UST too dipped during the weekend. Meme cryptos Shiba Inu and Dogecoin slid.

On the other hand, Nuls (NULS), a Singapore-based project trying to develop a highly adaptable blockchain that can be used for enterprise solutions has gained nearly 10% in under 24 hours, amidst a rather timid market.

"The NULS token significantly outperformed Bitcoin and the overall crypto market and became one of the top performers on several crypto exchanges," the WazirX trade desk said.

The crypto market is extremely volatile and investors should not make decisions based on the sudden rise or fall of prices.