The global crypto chart showed the market trading rather flat today. Bitcoin on Wednesday, May 29 reflected a small gain of 1.28 percent. With this, Bitcoin is currently trading at $68,768 (roughly Rs. 57.2 lakh) on currencies like CoinMarketCap. Meanwhile, on domestic exchanges like WazirX, CoinDCX and CoinSwitch, Bitcoin is trading around the price of $71,770 (roughly Rs. 59.7 lakh). Market analysts have predicted that the upcoming US GDP announcement could induce more volatility in the market in the coming days.
“The crypto market has been volatile due to the news of Mt. Gox transferring BTC, causing many altcoins to fall. Bitcoin's short-term price action looks uncertain, although it remains strong and bullish on the highest timeframe,” CoinDCX told Gadgets360.
Ether showed a price drop of 1.42 percent according to Gadgets360's crypto price chart. At the time of writing, Ether was trading at $3,861 (roughly Rs. 3.21 lakh) according to CoinMarketCap. The price of Ether is expected to rise in the coming days, following the approval of ETH ETFs in the US.
“As the launch of spot Ether ETFs approaches in the next two months, Ethereum bulls are reasserting their dominance. Daily Ethereum trading volumes have also seen a substantial increase, increasing by 68 per cent to nearly $17 billion (roughly Rs. 1,41,554 crore).This renewed bullish sentiment appears to be driven by anticipation of the ETF's launch, indicating that investors are positioning for potential gains further shortly,” ZebPay's trading desk told Gadgets360.
On Wednesday, more cryptocurrencies posted small gains than losses on the price chart. Binance Coin, Ripple, Dogecoin, Shiba Inu, Cardano, Avalanche, Wrapped Bitcoin, Tron and Near Protocol – all found their way to the profit-making side of the crypto graph.
Leo, Cosmos, Stellar, Bitcoin SV and EOS Coin also saw minor gains.
In the last 24 hours, the total market capitalization of the crypto sector increased by 1.70 percent. With this, its market capitalization has reached the $2.58 trillion mark (roughly Rs. 2,14,83,982 crore).
Tether, Solana, Polkadot, Polygon, Litecoin and Cronos emerged on the losing side of the crypto chart.
“The crypto market remained volatile with BTC and ETH witnessing marginal swings in their prices. The market is expected to remain volatile in the coming weeks due to uncertain macroeconomic conditions,” said Shivam Thakral, CEO of BuyUcoin at Gadgets360.
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.
