The crypto market situation, after having been notably profitable until last week ago, is now undergoing a period of volatility. Bitcoin on Thursday, May 11, recorded a loss of 0.86 percent to trade at the price point of $27,520 (roughly Rs. 22.5 lakh). This marks the fourth day this week that Bitcoin has remained close to the mark of $27,000 (roughly Rs. 22 lakh) on both, national as well as international exchanges. In the last one month, the highest that Bitcoin has managed to climb in-terms of value is $31,000 (roughly Rs. 25.5 lakh).
Ether tumbled by 1.25 percent to trade at $1,830 (roughly Rs. 1.5 lakh) on Thursday, showed the crypto price tracker by Gadgets 360. Following its conventional market route, Ether remains in alignment with Bitcoin’s trajectory.
“Bitcoin’s price remains mostly flat after a promising surge following the banking crisis in the US. Ethereum on the other hand shows potential for a short-term price hike due to several use cases of the blockchain,” Rajagopal Menon, Vice President, WazirX told Gadgets 360, weighing-in on the market situation.
With the top two cryptocurrencies reeling under losses, several other altcoins also found themselves on the loss-making side of the price chart.
These include stablecoins Tether, USD Coin, Ripple, and Binance USD.
Binance Coin, Dogecoin, Solana, Polygon, Tron, and Litecoin also settled with minor dips.
“Investors eagerly anticipate the latest US inflation report for guidance on the Federal Reserve’s future monetary policy. Furthermore, digital asset investment products experienced outflows of $54 million (roughly Rs. 442 crore) last week. Solana was the only altcoin to see investment, with inflows of $3.4 million (roughly Rs. 27 crore), the second largest over the last 12 months,” the CoinDCX research team told Gadgets 360.
The overall crypto market valuation slid to $1.13 trillion (roughly Rs. 9297619 crore) after recording a loss of 0.68 percent in the last 24 hours.
Meanwhile, a small percentage of the crypto price chart did reflect greens indicating at profits.
Cardano, Polkadot, Avalanche, Leo, Cosmos, Uniswap, and Decentraland recorded small profits on Thursday.
NEO Coin, Dash, Zilliqa, NEM, SushiSwap, and Ardor also managed to see minor gains.
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.
For all the latest Technology News Click Here
