Bitcoin on Wednesday, May 8 showed a smaller drop than the 1.45 percent it incurred in the last 24 hours. The asset, the most expensive on the crypto chart, is currently trading at $66,695 (roughly Rs. 55.6 lakh) on Indian exchanges like CoinSwitch. On international exchanges like CoinMarketCap, the value of Bitcoin is above $62,600 (roughly Rs. 52.2 lakh). In a remarkable development, Bitcoin has hit one billion transactions this week for the first time since its inception in 2015.
“Support now lies at the $61,500 level (approx. 51.3 lakh) and resistance is at the $64,500 level (approx. 53.8 lakh). We are likely to see limited trading for a few days as Bitcoin it has not gained enough strength to make an upward move,” Edul Patel, CEO of Mudrex told Gadgets360.
Ether has outperformed Bitcoin in recent days. The second most popular crypto asset after BTC, ETH is currently trading at $3,194 (roughly Rs. 2.66 lakh) after registering a small loss of 1.78 percent. On currencies like CoinMarketCap, the asset is priced at $3,009 (roughly Rs. 2.51 lakh).
Major cryptocurrencies reflected losses on Wednesday. These include Solana, Ripple, Dogecoin, Cardano, Polkadot and Chainlink.
Shiba Inu, Avalanche and Bitcoin Cash also posted losses along with Polygon, Uniswap, Cosmos, Cronos and Stellar.
“Shiba Inu indicates slight bullish signs in anticipation of further selling on a price rise. Cardano's backer list has remained strong even as the token goes through a cooling period. It has a strong support zone which has been historically important,” Rajagopal Menon, Vice President of WazirX told Gadgets360.
The global crypto market capitalization fell by 0.76 percent in the last 24 hours. With this, the sector's valuation has reached $2.31 trillion (roughly Rs. 1,92,87,044 crore), CoinMarketCap shows.
Meanwhile, cryptocurrencies making profits included Binance Coin, Tron, Near Protocol, Litecoin and Leo.
Cryptocurrency is an unregulated digital currency, is not legal tender and is subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, business advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
