The overall crypto chart showed that the market is trading pretty flat today. Bitcoin reflected a small increase of 1.28 percent on Wednesday, May 29. Additionally, Bitcoin is currently trading at $68,768 (roughly Rs. 57.2 lakh) on foreign exchanges such as CoinMarketCap. Meanwhile, on national exchanges such as WazirX, CoinDCX and CoinSwitch, Bitcoin is trading around a price point of $71,770 (roughly Rs 59.7 lakh). Market analysts predict that the upcoming release of US GDP Q could trigger more volatility in the market in the coming days.
“The crypto market was volatile due to the news that Mt. Gox transferred BTC, causing many altcoins to fall. Bitcoin’s short-term price action looks uncertain, although it remains strong and bullish on the higher time frame,” CoinDCX told Gadgets360.
Ether showed a price drop of 1.42 percent according to Gadgets360’s crypto price chart. At the time of writing, Ether was trading at $3,861 (roughly Rs. 3.21 lakh) according to CoinMarketCap. The price of Ether is expected to rise in the coming days, following the approval of ETH ETFs in the US.
“As the launch of spot Ether ETFs approaches over the next two months, Ethereum bulls are reasserting their dominance. The daily trading volume for Ethereum also increased significantly, rising by 68 percent to nearly $17 billion (approximately Rs. 1,41,554 crore). This renewed bullish sentiment appears to be fueled by anticipation of ETF launches, indicating that investors are bracing for potential further gains soon,” ZebPay’s trading department told Gadgets360.
On Wednesday, more cryptocurrencies saw small gains than losses on the price chart. Binance Coin, Ripple, Dogecoin, Shiba Inu, Cardano, Avalanche, Wrapped Bitcoin, Tron and Near Protocol – all found themselves on the profit side of the crypto map.
Smaller gains were also recorded by Leo, Cosmos, Stellar, Bitcoin SV and EOS Coin.
In the last 24 hours, the total market capitalization of the crypto sector increased by 1.70 percent. This took its market capitalization to $2.58 trillion (roughly Rs. 2,14,83,982 crore).
Tether, Solana, Polkadot, Polygon, Litecoin and Cronos appeared on the losing side of the crypto chart.
“The crypto market remained volatile with BTC and ETH witnessing marginal price changes. The market is expected to remain volatile in the coming weeks due to uncertain macroeconomic conditions,” Shivam Thakral, CEO of BuyUcoin told 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.
