Bitcoin price around $27,000, Ether joins Dogecoin and Solana in recording losses
On Wednesday, May 10, Bitcoin recorded a small loss that showed its effect on the trading values of the majority of other cryptocurrencies. The most valuable cryptocurrency fell by 0.73 percent to trade at $27,710 (roughly Rs. 22.7 lakh) on the price chart. This is the third day that Bitcoin has maintained its price in the range of $27,000 (roughly Rs. 22 lakh) – $28,000 (roughly Rs. 22.9 lakh). Despite Bitcoin’s ongoing downtrend, the cryptocurrency’s active addresses rose to a new record of nearly 1.3 million, indicating growing traction among retail and institutional users.
Ether fell 0.53 percent on Wednesday, following the path of the bitcoin market. The second most valuable cryptocurrency stood at the price point of $1,845 (roughly Rs. 1.5 lakh) at the time of writing. Despite the fluctuations in the value, there has been a surge in retail interest in Ethereum. Recently, the number of ETH addresses containing 0.1+ coins reached a four-month high of 5,194,526. Additionally, total Ethereum stake deposits have outpaced withdrawals since the Shanghai upgrade with Liquid Staking Protocols as the main gainers, according to data from DeFillama.
“Bitcoin has been trading sideways in the past 24 hours. BTC price is starting to recover due to reduced blockchain congestion. Meanwhile, investors are eagerly awaiting today’s CPI inflation data. Bitcoin is currently trading at $27,600 (approx. 336). Ethereum, the second largest cryptocurrency, is trading flat at $1,840 (approx. 1.5 thousand rupees).
After BTC and ETH, most cryptocurrencies posted small losses on Wednesday according to Gadgets 360’s crypto price tracker.
These include Binance Coin, Cardano, Dogecoin, Polygon, Solana, and Polkadot.
Tron, Litecoin, Chiba Inu, Avalanche and Chainlink also suffered losses.
Although Litecoin posted minor declines, cryptocurrency-related activities picked up pace.
Investors remain bullish on cryptocurrencies amid uncertainty about inflation and interest rate hikes in the United States. Bitcoin network congestion has contributed to an increase in transactions on Litecoin. Added Rajagopal Menon, Vice President of WazirX for Gadgets 360.
The overall cryptocurrency market is up 0.12 percent over the past 24 hours. The global cryptocurrency market cap, according to CoinMarketCap, is $1.14 trillion (roughly Rs. 93,78,421 crores) as of Wednesday.
Only a few cryptocurrencies are making big profits today. These stablecoins include Tether, USD Coin, and Binance USD.
Leo, Flex, Augur, Dogefi and Bitcoin Hedge were also up slightly.
“On the plus side, a new fiat-to-crypto onramp hosted to facilitate digital asset purchases will be launched soon. The move is expected to benefit Web3 companies, who can direct their US-based customers to the link without requiring any access token,” he says. CoinDCX’s research team told Gadgets 360.
Cryptocurrency is an unregulated digital currency that is not legal tender and is subject to market risk. The information in the article is not intended to be and does not constitute financial advice, business advice, or any other advice or recommendation of any kind provided or endorsed by NDTV. NDTV will not be liable for any loss arising from any investment based on any recommendation, forecast or other information contained in the article.