The cryptocurrency sector did not undergo any major change over the weekend. Bitcoin on Monday, May 6 found itself trading at $59,615 (roughly Rs. 49.7 lakh) in India, after managing to mint a negligible gain of 0.46 percent. In the last 48 hours, the value of Bitcoin has clocked a rise of $1,925 (roughly Rs. 1.60 lakh). The asset, meanwhile, is trading at the price point $63,840 (roughly Rs. 53.2 lakh) on international exchanges like CoinMarketCap.
“Bitcoin saw a rise after the US April jobs report arrived cooler than expected. Additionally, the Bitcoin network has processed over a billion transactions marking a milestone since its inception. It is likely that we might see Bitcoin trading sideways between $62,000 (roughly Rs. 51.7 lakh) and $66,000 (roughly Rs. 55 lakh) this week,” Edul Patel, CEO of Mudrex told Gadgets360.
Bitcoin was joined by a bunch of cryptocurrencies that managed to register profits as of Monday. These altcoins include Binance Coin, Ripple, Dogecoin, Cardano, Polkadot, and Chainlink.
Among other cryptocurrencies that reflected gains, Near Protocol, Polygon, Leo, Uniswap, Cosmos, Cronos, Stellar, and Monero also registered their names.
The overall crypto market cap rose by 1.14 percent in the last 24 hours. With this, the total valuation of the sector stands at $2.36 trillion (roughly Rs. 1,96,97,256 crore), as per CoinMarketCap.
“Recent market trends indicate a balance between price shifts and liquidations, signalling market stabilisation. Many of the top ten cryptocurrencies by market valuation are trading in greens. With a slower economy, inflation is bound is slow down leading to lower interest rates.
Ether on Monday, reflected a loss of 1.20 percent. At the time of writing, the asset was trading at $2,970 (roughly Rs. 2.48 lakh). Over the weekend, Ether has risen by roughly $70 (roughly Rs. 5,845).
“Ethereum has maintained a relatively stable trajectory, with a slight 0.08 percent decline, reaching $3,137 (roughly Rs. 2.60 lakh). Overall sentiment remains bullish for the token even though trading activities have taken a setback. Ethereum's current price surpasses its 200-day Exponential Moving Average, hinting at a positive long-term trend,” Rajagopal Menon, Vice President, WazirX told Gadgets360.
Tether, Solana, Shiba Inu, Avalanche, Tron, Litecoin, and Bitcoin Cash recorded losses.
In other news, the Grayscale Bitcoin Trust (GBTC), the leading bitcoin ETF in terms of assets, experienced a rise in investor funds over the weekend, marking its initial daily increase since its launch in January.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
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