Bitcoin price falls below $60,000, most altcoins see gains

The past few weeks have pushed Bitcoin below the $60,000 (approximately Rs 50 lakh) price level for the first time in two months. As of Friday, May 3, Bitcoin was trading at a price point of $57,690 (approximately Rs 48 lakh), according to Indian exchanges. With a decline of about 0.15 percent, Bitcoin is valued at $59,790 (approximately Rs 49.85 lakh) at the forex. Bitcoin has been trading in the red for most of this week after showing a big rally in April.

“This price drop shows that buying activity is present at lower levels. Bitcoin has yet to recover and gain enough strength to move higher due to macroeconomic factors and geopolitical tensions, making sideways trading more likely. Resistance for Bitcoin is seen at $60,300 (roughly Rs. 50.2 lakh), while support is at $58,800 (roughly Rs. 49 lakh), Mudrex CEO Edul Patel told Gadgets 360.

Ether, which has been showing mixed price movements for several days, found itself in the red on the crypto charts on Friday. At the time of writing, ETH was priced at $2,907 (approximately Rs 2.42 lakh) after a loss of 1.85 percent.

“Ethereum has seen a surge in Hong Kong due to strong spot Ethereum ETFs and increased network activity. The next resistance levels for Ethereum are estimated at $3,100 (approximately Rs 2.58 lakh) and $3,300 (approximately Rs 2.75 lakh),” Patel said.

Tether, Solana, Cosmos, and Braintrust join Bitcoin and Ether on the loss side of the crypto chart.

Apart from these, most altcoins are seeing modest but notable gains as of Friday. These include Ripple, Dogecoin, Cardano, Shiba Inu and Avalanche.

Tron, Chainlink, Polygon, Near Protocol, Litecoin, LEO, Uniswap and Cronos also recorded profits on May 3.

In the last 24 hours, the total valuation of the crypto market increased by 3.46 percent to reach $2.23 trillion (approximately Rs 1,85,85,957 crore). coinmarketcap,

“While spot BTC ETFs saw a combined outflow of $563 million (roughly Rs. 4,692 crores) on Wednesday, BlackRock predicts that there will be a new wave of inflows from a variety of investors including sovereign wealth funds, pension funds and endowments . , The company expects pent-up demand for BTC exposure through ETFs,” Parth Chaturvedi, investment lead at CoinSwitch Ventures, told Gadgets360.

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.