Bitcoin, Ether See Small Losses, Most Altcoins Reflect Price Dips

Bitcoin on Wednesday, May 8 showed a minor dip of 1.45 percent which it incurred over the last 24 hours. The asset, most expensive on the crypto chart, is presently trading at the price point of $66,695 (roughly Rs. 55.6 lakh) on Indian exchanges like CoinSwitch. On international exchanges like CoinMarketCap, the value of Bitcoin is hovering over the mark of $62,600 (roughly Rs. 52.2 lakh). In a noteworthy development, Bitcoin has clocked one billion transactions this week for the first time since its inception in 2015.

“The support now lies at the $61,500 (roughly Rs. 51.3 lakh) level and the resistance is at the $64,500 (roughly Rs. 53.8 lakh) level. We are likely to see a range bound trading for few days as Bitcoin has not acquired enough strength to make an upward move,” Edul Patel, CEO of Mudrex told Gadgets360.

Ether has been performing better than Bitcoin in recent days. The second most popular crypto asset after BTC, ETH is presently trading at $3,194 (roughly Rs. 2.66 lakh) after logging a small loss of 1.78 percent. On foreign exchanges like CoinMarketCap, the asset is priced at $3,009 (roughly Rs. 2.51 lakh).

Majority cryptocurrencies reflected losses on Wednesday. These include Solana, Ripple, Dogecoin, Cardano, Polkadot, and Chainlink.

Shiba Inu, Avalanche, and Bitcoin Cash also registered losses alongside Polygon, Uniswap, Cosmos, Cronos, and Stellar.

“Shiba Inu indicates mild bullish signs with an anticipation of further sell off upon a price increase. Cardano’s list of backers have remained strong even as the token goes through a cooling period. It holds a strong support zone which has been historically important,” Rajagopal Menon, Vice President, WazirX told Gadgets360.

The overall crypto market cap slipped by 0.76 percent in the last 24 hours. With this, the sector valuation has come to the mark of $2.31 trillion (roughly Rs. 1,92,87,044 crore), shows CoinMarketCap.

Profit making cryptocurrencies, meanwhile, included Binance Coin, Tron, Near Protocol, Litecoin, and Leo.

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.