Bitcoin appeared on the profit side of the crypto market on Monday, May 20, reflecting a gain of 1.11 percent. Although these gains seem small for now, BTC managed to rise in value on national and international exchanges over the weekend. In India, BTC is trading around a price point of $70,701 (roughly Rs. 58.8 lakh) on exchanges such as CoinDCX and CoinSwitch. On the other hand, Binance and CoinMarketCap showed BTC value moving above the $67,070 mark (roughly Rs 55.8 lakh).
“Over the weekend Bitcoin went up. This rapid change in sentiment comes on the heels of recent economic data indicating a slowdown in US inflation, along with regulatory filings revealing significant interest in the relatively new spot Bitcoin ETFs,” Parth Chaturvedi, Chief Investment Officer, CoinSwitch Ventures told Gadgets360 .
Ether, in an unusual market move, was not far behind BTC on the profit side of the crypto chart on Monday. The asset, which suffered a loss of 1.87 percent, is currently trading at $3,260 (roughly Rs. 2.71 lakh) on India’s WazirX exchange. Internationally, ETH is trading at $3,088 (roughly Rs. 2.57 lakh).
“ETH still has a few hurdles to cross to overtake Bitcoin. ETH is hovering around $3100, holding above the 20 daily EMA, which is a positive sign. Its resistance levels range between $3,250 (roughly Rs. 2.70 lakh) and $3,650 (roughly Rs. 3.03 lakh),” the CoinDCX research team told Gadgets360.
Gadgets360’s crypto chart showed mixed price movements for altcoins. Tether, Binance Coin and Solana, for example, managed to make retail gains on the price chart alongside BTC.
Dogecoin, Shiba Inu, Monero, Iota and NEM also posted gains.
“Shiba Inu and Ripple could see further bearish momentum amid the broader bullish trend for Bitcoin. Moving averages for Bitcoin indicate a ‘Buy’ sentiment, as well as defying previous price levels. However, as May progresses, the price action becomes sharper due to post-halving price consolidation as well as mid-year sentiment changes,” Rajagopal Menon, Vice President, WazirX told Gadgets360.
Losing cryptocurrencies, on the other hand, include Cardano, Avalanche, Tron, Polkadot, Chainlink, Polygon, Litecoin, Uniswap, and Leo.
The total capitalization of the crypto market fell by 0.36 percent in the last 24 hours. It now stands at $2.42 trillion (roughly Rs. 2,01,46,512 crore), CoinMarketCap showed.
In the global regulatory landscape, the US may see an overhaul of its crypto-related rules. The US House of Representatives is scheduled to vote next week on the Financial Innovation and Technology for the 21st Century (FIT21) Act, which could become the first major crypto-regulatory bill in the US if approved. Meanwhile, Turkey presented a bill to regulate crypto business. The Capital Markets Board (CMB) will be responsible for licensing and supervising these companies.
Cryptocurrency is an unregulated digital currency, it is not legal tender and is subject to market risks. The information provided in the article is not intended to constitute financial advice, trading 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.
