Bitcoin Sees Minor Gain on Monday
Bitcoin experienced a slight increase of around one percent on Monday, May 27. At the time of reporting, BTC was trading at $72,034 (roughly Rs. 59.8 lakh) on Indian exchanges like WazirX. However, its international trading price was slightly lower at $68,772 (roughly Rs. 57 lakh). Market analysts noted that Bitcoin displayed a neutral performance on the price chart following the US approval of ETFs for Ether on May 24.
Ether Outperforms Bitcoin Over the Weekend
Ether surpassed Bitcoin in terms of profit-making over the weekend. As the second most valuable cryptocurrency after BTC, ETH is currently trading at $3,911 (roughly Rs. 3.24 lakh) on foreign exchanges, marking a price hike of 2.54 percent. On Indian exchanges, ETH is trading around $4,128 (roughly Rs. 3.42 lakh).
“ETH has recorded its highest weekly return, largely attributed to the ETH ETF approval. Despite expectations of a sell-off post-approval, ETH maintained stability, indicating a positive trend. The ETH ETF approval sets a bullish tone for ETH in the long run. To signal a strong upswing, ETH must surpass the key level of $4,000 (roughly Rs. 3 lakh).”
Other Cryptocurrencies in the Green Zone
Joining Bitcoin and Ether in positive territory on Monday are Tether, Binance Coin, Cardano, Polkadot, Uniswap, and Cosmos.
Crypto Market Cap Sees Increment
In the last 24 hours, the overall crypto market cap increased by 0.68 percent, reaching $2.58 trillion (roughly Rs. 2,14,27,183 crore), as reported by CoinMarketCap. As of Monday, Bitcoin and Ether held dominance with shares of 52.5 percent and 18.3 percent, respectively.
Altcoins Facing Losses
Despite the positive momentum in the crypto sector post ETH ETF approvals in the US, some altcoins experienced losses over the weekend. Notable losers include Solana and Ripple.
Dogecoin and Shiba Inu reverted to losses after a brief spike on May 24, triggered by Elon Musk’s tweet about the passing of Kabosu, the dog that inspired both tokens.
Other cryptocurrencies such as Avalanche, Chainlink, Near Protocol, Polygon, Litecoin, Leo, Cronos, and Stellar are also facing losses as of Monday.
Disclaimer: Cryptocurrency Market Risks
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