Crypto Market Today: Bitcoin Sees Minor Gains, Most Altcoins Reflect Profits

The crypto chart reflected more gains than price declines on Friday, May 10. Bitcoin recorded a slight price rise of 2.03 percent to trade at $66,115 (around Rs. 55.2 lakh) on Indian exchanges like CoinSwitch. Meanwhile, on international exchanges, the asset is trading at a slightly lower price of $62,879 (around Rs. 52.5 lakh). In recent days, Bitcoin has kept its value in the same range. Market analysts have pointed out that technical indicators such as the RSI suggest a potential decline to $60,000 (around Rs. 50 lakh) for BTC in the coming days.

“This could be the start of BTC’s recovery wave, but the bears could remain active near the $63,200 (around Rs. 52.7 lakh) resistance zone,” said Parth Chaturvedi, Head of Investments at CoinSwitch Ventures, at Gadgets360.

Ether has joined Bitcoin on the green side of the crypto charts. In India, ETH is trading at $2,994 (around Rs. 2.50 lakh). On the other hand, Ether is trading at 3,045 (around Rs. 2.54 lakh) on international exchanges like CoinMarketCap.

“This becomes a notable level for the token acting as both support and resistance. Predictions of a market rise cannot be ruled out for Ethereum. However, with various factors at play in the market, a move in either direction could be imminent,” Rajagopal Menon, vice president of WazirX, told Gadgets360.

Most popular cryptocurrencies recorded profits on Thursday. These include Binance Coin, Solana, Dogecoin, Cardano, Shiba Inu, avalanche, TronAnd Peas.

“In the meme coin universe, DOGE (+2.5%) was the outlier. Additionally, VanEck’s MarketVector launched a new memecoin index, which tracks the largest meme coins including DOGE, SHIB, FLOKI, WIF, and BONK. The index is up 195 percent on an annual basis,” Chaturvedi added as part of his analysis.

Loss-making cryptocurrencies, on the other hand, included Ripple, Cosmos, outsiderAnd Baby Dogecoin.

The overall crypto market valuation increased by 2.24% in the last 24 hours. At the time of writing, the sector’s valuation stood at $2.33 trillion (approximately Rs. 1,94,54,160 crore) according to CoinMarketCap.

Give a general perspective, Feeling, an on-chain analytics company, highlighted that investor sentiment towards major cryptocurrencies is still negative. He further added that the mood has changed drastically since the Bitcoin halving, before which an overt sense of “greed” dominated the market.

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