Bitcoin, Ether Join Majority Altcoins on Loss-Making Side of Price Chart, Memecoins Trend
Bitcoin recorded a drop of two percent as it stepped into Monday, May 22. The most expensive cryptocurrency failed to bag any gains over the weekend, leaving its trading value to hover over the mark of $26,653 (roughly Rs. 22 lakh). On both, national as well as international exchanges, Bitcoin is trading around the similar price point. While stepping into the weekend that was, Bitcoin was trading at a slightly higher price of $26,785 (roughly Rs. 22 lakh). Between Saturday, May 20 and Sunday, May 21 — Bitcoin fell by $132 (roughly Rs. 10,930) in its value.
“Bitcoin traded at the $27,000 (roughly Rs. 22 lakh) level over the weekend but has since declined as the market eagerly anticipates a week filled with significant news in the United States. Investors and traders should closely monitor these events as they have the potential to impact market sentiment. Some amount of volatility might be observed in the market throughout this week. If buyers can maintain the price above the current level, there is a chance for a brief upward movement,” Edul Patel, CEO of Mudrex crypto investment platform told Gadgets 360.
Ether joined Bitcoin to record notable losses on Monday. The second-most valued cryptocurrency after BTC, ETH slipped by 1.01 percent to trade at the price point of $1,801 (roughly Rs. 1.4 lakh). As of last Friday, ETH has shown a gain of only $1 (roughly Rs. 82).
Losses striking Bitcoin and Ether often impact other cryptocurrencies in their values. Today, for instance, majority cryptocurrencies tagged along with the top two coins towards the loss-making side of the price charts.
These include stablecoins Tether, USD Coin, Ripple, and Binance USD alongside popular cryptocurrencies like Cardano and Polygon.
Solana, Litecoin, Polkadot, Avalanche, Chainlink, and Cosmos also reeled-in minor, but significant losses.
“Crypto markets have observed slight selling pressure in the last 24 hours. The crypto fear and greed index is down 3 points, currently in the neutral zone with 49 points. This hints that investors continue to be cautious. In token-specific action, Ripple's (XRP) case against the Securities and Exchange (SEC) seems to be tilting in XRP's favour with the ruling that the SEC cannot seal specific documents tied to its speech on crypto in the past. This could impact XRP's classification as a security. The news around the ruling led to a five percent rally in its prices. XRP is currently trading around $0.46 (roughly Rs. 38),” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets 360.
The valuation of the overall crypto market dipped by 1.58 percent in the last 24 hours, to sit at $1.11 trillion (roughly Rs. 92,32,119 crore) as of Monday.
Among the handful of cryptocurrencies that did manage to see small profits today, Bitcoin Cash, NEM, Braintrust, and Circuits of Value marked their presence.
Memecoins Dogecoin and Shiba Inu have emerged as trending cryptocurrencies in recent days despite trading in losses, after they are being pitted in constant comparison with the new memecoin on the block — Pepe Coin.
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.
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