Bitcoin, Ether see small losses, most altcoins see price declines

On Wednesday, May 8, Bitcoin saw a slight decline of 1.45 percent in the last 24 hours. The most expensive asset on the crypto charts, is currently trading at a price point of $66,695 (approximately Rs 55.6 lakh) on Indian exchanges like Coinswitch. On international exchanges like CoinMarketCap, the price of Bitcoin is hovering above the $62,600 mark (approximately Rs 52.2 lakh). In a notable development, Bitcoin crossed the one billion transaction mark this week for the first time since its inception in 2015.

“Support now lies at $61,500 (approximately Rs 51.3 lakh) levels and resistance at $64,500 (approximately Rs 53.8 lakh). “We may see limited trading for a few days as Bitcoin has not gained enough strength to move higher,” Mudrex CEO Edul Patel told Gadgets360.

Ether has been outperforming Bitcoin in recent times. ETH, the second most popular crypto asset after BTC, is currently trading at $3,194 (approximately Rs 2.66 lakh) after a marginal loss of 1.78 percent. On foreign exchanges like CoinMarketCap, the asset is priced at $3,009 (approximately Rs 2.51 lakh).

Most cryptocurrencies posted losses on Wednesday. These include Solana, Ripple, Dogecoin, Cardano, Polkadot and Chainlink.

Polygon, Uniswap, Cosmos, Chronos and Stellar as well as Shiba Inu, Avalanche and Bitcoin Cash also recorded losses.

“Shiba Inu signals mild bullish signals with fears of further selling on rising prices. Cardano’s list of supporters remains strong, even though the token is going through a cooling off period. It has a strong support sector which has historically been important,” Rajagopal Menon, vice president, WazirX, told Gadgets360.

The total crypto market cap declined by 0.76 percent in the last 24 hours. With this, the valuation of the sector has touched the mark of $2.31 trillion (approximately Rs 1,92,87,044 crore), indicating coinmarketcap,

Meanwhile, cryptocurrencies making gains include Binance Coin, Tron, Near Protocol, Litecoin, and Leo.

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