On Monday, May 27, Bitcoin recorded a smaller increase of about one percent. At the time of writing, BTC was trading at $72,034 (roughly Rs. 59.8 lakh) on Indian exchanges such as WazirX. However, internationally, Bitcoin is trading at a slightly lower price of $68,772 (roughly Rs. 57 lakh). According to market analysts, BTC showed a neutral performance on the price chart after the US approved Ether ETFs last week on May 24th.
Ether surpassed Bitcoin in terms of profit generation over the weekend. The second most valuable cryptocurrency after BTC, ETH is currently trading at $3,911 (roughly Rs. 3.24 lakh) on foreign exchanges after gaining 2.54 percent in price. Meanwhile, on Indian exchanges, ETH is moving above the price point of 4128 (roughly Rs. 3.42 lakh).
“ETH posted its biggest weekly return, largely thanks to the approval of the ETH ETF. Many expected a sell-off following the approval news, but ETH held steady, which is a positive sign. ETH ETF approval is positive for ETH in the long term. To signal a strong rally, ETH needs to cross the key level of $4000 (roughly Rs. 3 lakh).
Joining BTC and ETH on the green side of the crypto chart on Monday are Tether, Binance Coin, Cardano, Polkadot, Uniswap and Cosmos.
The total capitalization of the crypto market increased by 0.68 percent in the last 24 hours. The current crypto market cap is $2.58 trillion (roughly Rs. 2,14,27,183 crores), according to CoinMarketCap. The dominance of Bitcoin and Ether as of Monday is 52.5 percent and 18.3 percent, respectively.
Despite the momentum the crypto sector experienced following the approval of the ETH ETF in the US, some altcoins suffered losses over the weekend. These include Solana and Ripple.
Dogecoin and Shiba Inu are back in losses after seeing a minor spike on May 24th as Elon Musk tweeted about the death of Kabosu, the dog that inspired both of these tokens.
Avalanche, Chainlink, Near Protocol, Polygon, Litecoin, Leo, Cronos and Stellar are also trading in losses since Monday.
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.
