Cryptocurrency Price Today: Bitcoin and Ether See Small Losses, Most Altcoins Reflect Price Drops

On Wednesday, May 8, Bitcoin showed a slight decline of 1.45% recorded in the last 24 hours. The asset, the most expensive in the cryptocurrency chart, is currently trading at a price of $66,695 (around Rs. 55.6 lakh) on Indian exchanges like CoinSwitch. On international exchanges like CoinMarketCap, Bitcoin’s value hovers above the $62,600 mark (around Rs. 52.2 lakh). In a noteworthy development, Bitcoin recorded one billion transactions this week for the first time since its inception in 2015.

“Support now lies at $61,500 level (around Rs. 51.3 lakh) and resistance is at $64,500 level (around Rs. 53.8 lakh). We are likely to see range bound trading for a few days as Bitcoin has not gained enough strength to make an upward move,” Edul Patel, CEO of Mudrex, told Gadgets360.

Ether in recent days it has performed better than Bitcoin. The second most popular crypto asset after BTC, ETH is currently trading at $3,194 (around Rs. 2.66 lakh) after posting a small loss of 1.78%. On foreign exchanges like CoinMarketCap, the asset is priced at $3,009 (around Rs. 2.51 lakh).

Most cryptocurrencies recorded losses on Wednesday. These include Solana, Ripple, Dogemoneta, Cardano, PolkadotAND Chain shirt.

Shiba Inu, AvalancheAND Bitcoin Cash they also recorded losses Polygon, Uniswap, Cosmos, ChronoAND Stellar.

“Shiba Inu indicates slight bullish signs with anticipation of further sell-offs if prices rise. Cardano’s list of supporters has remained strong even as the token goes through a cooling period. It has a strong support zone that has been historically important,” Rajagopal Menon, vice president of WazirX, told Gadgets360.

The overall cryptocurrency market capitalization fell by 0.76% in the last 24 hours. With this, the sector’s valuation has reached the level of $2.31 trillion (around Rs. 1,92,87,044 crore), shows CoinMarketCap.

Meanwhile, profit-producing cryptocurrencies are included Binance coin, Tron, Close to the protocol, LitecoinAND Leo.

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