The crypto chart reflected more gains than price dips on Friday, May 10. Bitcoin recorded a minor price hike of 2.03 percent to trade at $66,115 (roughly Rs. 55.2 lakh) on Indian exchanges like CoinSwitch. On international exchanges, meanwhile, the asset is trading at a slightly lower price point of $62,879 (roughly Rs. 52.5 lakh). In the last few days, Bitcoin has retained its value in the same bracket. Market analysts have pointed out that technical indicators like the RSI suggest a potential dip back to $60,000 (roughly Rs. 50 lakh) for BTC in the coming days.
“This might be the start of BTC’s recovery wave, but the bears might remain active near the $63,200 (roughly Rs. 52.7 lakh) resistance zone,” Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, told Gadgets360.
Ether joined Bitcoin on the green side of the crypto charts. In India, ETH is trading at $2,994 (roughly Rs. 2.50 lakh). On the other hand, Ether is trading at 3,045 (roughly Rs. 2.54 lakh) on international exchanges like CoinMarketCap.
“This is becoming a notable level for the token acting as both support and resistance. Predictions of a market surge cannot be ruled out for Ethereum. However, with various factors at play in the market, a breakout move in either direction might be imminent,” Rajagopal Menon, Vice President, WazirX, told Gadgets360.
Most of the popular cryptocurrencies recorded profits on Thursday. These include Binance Coin, Solana, Dogecoin, Cardano, Shiba Inu, Avalanche, Tron, and Polkadot.
“In the meme coin universe, DOGE (+2.5 percent) was the outlier. Additionally, VanEck’s MarketVector has launched a new memecoin index, tracking the largest meme coins including DOGE, SHIB, FLOKI, WIF, and BONK. The index is up 195 percent on a yearly basis,” Chaturvedi added as part of his analysis.
Loss-making cryptocurrencies, on the other hand, included Ripple, Cosmos, Underdog, and Baby Dogecoin.
The overall crypto market valuation has risen by 2.24 percent in the last 24 hours. At the time of writing, the sector valuation stood at $2.33 trillion (roughly Rs. 1,94,54,160 crore) as per CoinMarketCap.
Giving a general perspective, Santiment, an on-chain analytics firm, underlined that investor sentiment toward leading cryptos was still negative. It further added that the mood had dramatically shifted since Bitcoin’s halving event, before which an overtly ‘greed’ sentiment dominated the market.
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Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.