Bitcoin Opens May at $78,450 with Elevated Daily Volume

Bitcoin opened May at $78,450 after gaining approximately 2.4% in the prior 24 hours.

The first-day-of-month candle has significant importance for traders who use monthly opens as structural reference points.

Bitcoin's daily volume of $33.8B is elevated relative to its recent baseline, while its market cap stands at $1.565 trillion, ranking it number one on CoinGecko with a considerable lead over the second-largest asset.

The 24-hour gain follows several sessions of subdued movement, and against most fiat currencies, Bitcoin posted gains in the 2.3% to 2.5% range, while against gold, it gained roughly 2.8%.