Bitcoin posts modest gains, most altcoins show gains

Crypto charts showed more gains than declines in prices on Friday, May 10. Bitcoin recorded a marginal price rise of 2.03 percent and traded at $66,115 (approximately Rs 55.2 lakh) on Indian exchanges like Coinswitch. Meanwhile, on international exchanges, the asset is trading slightly lower at $62,879 (approximately Rs 52.5 lakh). Bitcoin has maintained its value in the same bracket in the last few days. Market analysts have reported that technical indicators like RSI suggest a possible decline for BTC to $60,000 (approximately Rs 50 lakh) in the coming days.

“This could be the start of a recovery wave for BTC, but bears may remain active near the $63,200 (roughly Rs. 52.7 lakh) resistance zone,” Parth Chaturvedi, investment lead at CoinSwitch Ventures, told Gadgets 360.

Ether joins Bitcoin on the green side of the crypto chart. In India, ETH is trading at $2,994 (approximately Rs 2.50 lakh). On the other hand, Ether is trading at Rs 3,045 (approximately 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 boom for Ethereum cannot be ruled out. However, with various factors playing out in the market, a breakout move in either direction could be imminent,” Rajagopal Menon, vice president at WazirX, told Gadgets360.

Most popular cryptocurrencies recorded profits on Thursday. These include Binance Coin, Solana, Dogecoin, Cardano, Shiba Inu, Avalanche, Tron and Polkadot.

“In the meme coin world, DOGE (+2.5 percent) was the leader. Additionally, VanEck’s MarketVector has launched a new Memecoin Index, which tracks the largest meme coins including DOGE, SHIB, FLOKI, WIF, and BONK. The index is up 195 per cent year-on-year,” Chaturvedi added as part of his analysis.

On the other hand, cryptocurrencies with losses include Ripple, Cosmos, Underdog, and Baby Dogecoin.

The total crypto market valuation has increased by 2.24 percent in the last 24 hours. At the time of writing, the sector was valued at $2.33 trillion (approximately Rs 1,94,54,160 crore) coinmarketcap,

Giving a general view, VirtueAn on-chain analytics firm underlined that investor sentiment towards the leading crypto was still negative. It further added that the mood has changed dramatically since the Bitcoin halving event, before which the market was clearly dominated by a sentiment of ‘greed’.

Cryptocurrency is an unregulated digital currency, not legal tender and 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 will not be responsible for any loss incurred from any investment based on any speculative recommendation, forecast or any other information contained in the article.