Bitcoin Holds Price Above $60,000, Volatility Pushes Most Altcoins into Losses

The crypto price chart reflected volatility, with most altcoins trading at a loss on Monday, May 13. At the start of the third week of this month, Bitcoin saw its trading value remain close to the $60,000 mark (around Rs. 50 lakh). On Indian exchanges like WazirX, CoinDCX and CoinSwitch, Bitcoin is trading at $65,477 (around Rs. 54 lakh) after registering a minor gain of 0.78%. Internationally, BTC is trading at $60,999 (around Rs. 50.9 lakh) on exchanges like Binance, Coinbase, and CoinMarketCap.

“Over the weekend, the crypto market maintained a sideways trend, with BTC consolidating within its range. Despite the lack of significant price movement, there have been notable developments as traditional financial companies have adopted Bitcoin. JPMorgan Chase and Wells Fargo disclosed their exposure to Bitcoin spot exchange-traded funds in their recent filing with the US SEC. While their Bitcoin allocation remains low, this signals a positive step toward widespread adoption, which bodes well for the crypto market,” the CoinDCX research team told Gadgets360.

Ether showed a slight drop in prices on Monday. The second most popular asset on the cryptocurrency chart, ETH registered a loss of 1.43% to trade at $3,119 (around Rs. 2.60 lakh) on Indian exchanges like CoinDCX. Internationally, the asset is priced around $2,883 (approximately Rs. 2.40 lakh).

As of May 13, most popular cryptocurrencies were trading in the red. These include Ripple, Dogecoin, Cardano, PeasAnd Chain link.

Among other cryptocurrencies that reflected losses, Close protocol, Polygon, Leo, Uniswap, Cosmos, Kronos, StellarAnd Monero also marked their names.

“The crypto market appears to be in a lull, with many major cryptocurrencies consolidating over the past few weeks. Top cryptocurrencies by market capitalization were limited over the weekend. However, investor interest continues to remain positive with the index still in the greed zone,” Parth Chaturvedi, Head of Investments at CoinSwitch Ventures, told Gadgets360, commenting on the market situation.

Only a small number of cryptocurrencies saw gains on Monday. These include Attached, Iota, Augur, DogefiAnd Bitcoin Hedging.

This week’s CPI and PPI announcements could introduce volatility into the market, given the current strong correlation between US macroeconomic indicators and cryptocurrencies. In the last 24 hours, the crypto market valuation fell 1.26% to $2.23 trillion (around Rs 1,86,27,045 crore), showed CoinMarketCap.

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