The overall 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 foreign exchanges like CoinMarketCap. Meanwhile, on national exchanges like WazirX, CoinDCX, and CoinSwitch, Bitcoin is trading around the price point of $71,770 (roughly Rs. 59.7 lakh). Market analysts have predicted that the upcoming US GDP Q 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 looking uncertain, though it remains strong and bullish in the higher time frame,” CoinDCX told Gadgets360.
Ether showed a price dip of 1.42 percent as per Gadgets360’s crypto price chart. At the time of writing, Ether was trading at $3,861 (roughly Rs. 3.21 lakh) as per CoinMarketCap. The price of Ether is expected to see hikes in the coming days, following the approval of ETH ETFs in the US.
“As the launch of spot Ether ETFs approaches within the next two months, Ethereum bulls are reasserting their dominance. Daily trading volumes for Ethereum have also seen a substantial increase, rising by 68 percent to nearly $17 billion (roughly Rs. 1,41,554 crore). This renewed bullish sentiment appears to be driven by the anticipation of the ETF launch, indicating that investors are positioning themselves for potential further gains shortly,” the ZebPay trade desk told Gadgets360.
On Wednesday, more cryptocurrencies recorded 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 ways onto the profit-making side of the crypto chart.
Minor gains were also seen by Leo, Cosmos, Stellar, Bitcoin SV, and EOS Coin.
In the last 24 hours, the total market cap of the crypto sector rose by 1.70 percent. With this, its capitalisation has come to the mark of $2.58 trillion (roughly Rs. 2,14,83,982 crore).
Tether, Solana, Polkadot, Polygon, Litecoin, and Cronos emerged on the loss-making 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,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.
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