The overall crypto chart reflects losses across most cryptocurrencies on Friday, May 24. Bitcoin saw a loss of about one percent on Friday and was trading at $71,771 (roughly Rs. 59.7 lakh) on Indian exchanges such as CoinSwitch. Meanwhile, BTC was trading at $67,589 (approximately Rs. 56.2 lakh) on international exchanges such as CoinMarketCap. According to market commentators, the key levels to clear for an upside move are USD 71,300 (Rs 59.3 lakh approx) and USD 73,800 (Rs 61.4 lakh approx).
Ether recorded a loss of 0.65 percent on Friday. This took the value of ETH to $3,285 (roughly Rs. 2.73 lakh). Market analysts are blaming the upcoming update related to Ether behind the current element of volatility affecting the crypto market.
“ETH continued to outperform BTC, which is a positive sign as ETH’s dominance is growing. In the last 24 hours, the market has remained very volatile ahead of the approval of the ETH ETF, with ETH and related coins seeing significant fluctuations. The SEC’s approval of the ETH spot ETF has brought stability to ETH’s price action,” CoinDCX Markets told Gadgets360.
Solana, Cardano, Avalanche, Shiba Inu, Polkadot, Chainlink and Tron joined BTC and ETH in recording losses.
Uniswap, Leo, Cosmos, Cronos, Stellar and Monero also recorded losses.
The total valuation of the crypto market stands at $2.54 trillion (roughly Rs. 2,11,33,765 crore) after a 1.87 percent loss, CoinMarketCap showed.
“The crypto market cap could face the next concrete resistance at $2.55 trillion (roughly Rs. 2,12,14,342 crore), indicating the potential for further gains from current levels. This tempers the excitement of the recent rally, highlighting that profit-taking or consolidation could be on the horizon before a significant move higher,” Rajagopal Menon, WazirX’s VP of crypto markets, told Gadgets360.
Meanwhile, Tether, Binance Coin, Ripple, Dogecoin, Bitcoin Cash and Polygon posted gains.
Market analysts predict that volatility will prevail over the crypto charts in the coming days.
“Yesterday, the SEC approved eight Ethereum ETFs, causing increased price volatility in the crypto market. However, these ETFs have not yet been approved for trading, but issuers of potential spot ETH ETFs include BlackRock, Fidelity, Grayscale, VanEck, Franklin Templeton, Ark/21Shares and Invesco/Galaxy,” Parth Chaturvedi, Chief Investment Officer, CoinSwitch Ventures said is for Gadgets360.
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.
