Bitcoin on Monday, May 27 saw a minor gain of around one percent. At the time of writing BTC was trading at the price point of $72,034 (roughly Rs. 59.8 lakh) on Indian exchanges like WazirX. Internationally however, Bitcoin is trading at a slightly lower price point of $68,772 (roughly Rs. 57 lakh). As per Market analysts, BTC displayed a neutral performance on the price chart after the US approved ETFs for Ether last week on May 24.
Ether outperformed Bitcoin in terms of profit-making over the weekend. The second most precious cryptocurrency after BTC, ETH is presently trading at $3,911 (roughly Rs. 3.24 lakh) on foreign exchanges after seeing a price hike of 2.54 percent. On Indian exchanges, meanwhile, ETH is hovering over the price point of 4,128 (roughly Rs. 3.42 lakh).
“ETH has posted its highest weekly return, mainly due to the ETH ETF approval. Many expected a sell-off after the approval news, but ETH remained stable, which is a positive sign. The ETH ETF approval is bullish for ETH in the long term. To signal a strong upswing, ETH needs to clear the key level of $4,000 (roughly Rs. 3 lakh).
Joining BTC and ETH on the green side of the crypto chart on Monday are Tether, Binance Coin, Cardano, Polkadot, Uniswap, and Cosmos.
The overall crypto market cap rose by 0.68 percent in the last 24 hours. The present crypto market cap stands at $2.58 trillion (roughly Rs. 2,14,27,183 crore), as per CoinMarketCap. The dominance of Bitcoin and Ether as of Monday, stands at 52.5 percent and 18.3 percent respectively.
Despite the momentum that the crypto sector has seen post ETH ETF approvals in the US, some altcoins did get hit by losses over the weekend. These include Solana and Ripple.
Dogecoin and Shiba Inu are back in losses after seeing a minor spike on May 24 that was logged because Elon Musk tweeted about the passing of Kabosu, the dog that inspired both these tokens.
Avalanche, Chainlink, Near Protocol, Polygon, Litecoin, Leo, Cronos, and Stellar are also trading in losses as of Monday.
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.
