Bitcoin could take more days to trade around the mark of $30,000 (roughly Rs. 24.6 lakh) again after it recently hit a slump last week. Bitcoin on Monday, May 15, recorded a profit of 1.38 percent to trade at the price point of $27,180 (roughly Rs. 22.3 lakh). The world’s most expensive cryptocurrency, BTC maintained a similar value on national as well as international exchanges. Over the weekend, the value of Bitcoin dropped by $545 (roughly Rs. 44,799).
Ethereum rose in value by 1.30 percent to trade at $1,825 (roughly Rs. 1.50 lakh). It is notable, that unlike Bitcoin, which slipped down on the price ladder despite garnering small gains, Ether did manage to show a rise in prices. Over the weekend, ETH prices spiked by $63 (roughly Rs. 5,180).
“Bitcoin appears to have stabilized after a week-long downward trend, trading up in the last 24 hours. Meanwhile, Ether, the second-largest crypto, is trading near $1,800 (roughly Rs. 1.4 lakh), showing little change since early Saturday. Despite this, the crypto is still down over 10 percent since May 5, with profit-taking, low liquidity, and market uncertainties cited as contributing factors,” Rajagopal Menon, Vice President, WazirX, told Gadgets 360.
A big number of cryptocurrencies tagged behind BTC and ETH to see small profits on Monday. These include Binance Coin, Cardano, Dogecoin, Shiba Inu, Solana, Polygon, and Polkadot.
In addition, Litecoin, Avalanche, Chainlink, Leo, and Uniswap also managed to mint small gains. The overall crypto market valuation climbed up by 1.34 percent in the last 24 hours. The capitalization of the global crypto sector stands at $1.14 trillion (roughly Rs. 93,54,177 crore), as per CoinMarketCap.
Meanwhile, the crypto price tracker by Gadgets 360 reflected losses next to several cryptocurrencies on Monday. These include Tether, USD Coin, Tron, Cosmos, Bitcoin SV, and Baby DogeCoin among others.
The coming days could soon pacify the market turbulence, industry insiders believe.
“Last week, the amount of Bitcoin held on digital asset exchanges plummeted to 5.84 percent, the lowest point in the past five and a half years. This suggests that more holders are preferring to store their crypto on cold wallets rather than dealing with exchanges. The last time figures were that low was in December 2017, indicating a potential shift in the behaviour of long-term holders. This trend may lead to greater security and stability in the market,” the research team of CoinDCX exchange told Gadgets 360.