Cryptocurrency Price Today: Bitcoin Shows Signs of Price Recovery, Altcoins Show Mixed Movement

Bitcoin showed up on the profit side of the cryptocurrency market on Monday, May 20, reflecting a 1.11% increase. While this profit seems small for now, BTC managed to increase in value on both domestic and international exchanges over the weekend. In India, BTC is trading around the price of $70,701 (around Rs. 58.8 lakh) on exchanges like CoinDCX and CoinSwitch. On the other hand, Binance and CoinMarketCap showed that the value of BTC was hovering above the $67,070 mark (around Rs. 55.8 lakh).

“During the weekend, Bitcoin increased. This rapid change in sentiment comes on the heels of recent economic data indicating weakening inflation in the US, along with regulatory filings revealing significant interest in relatively new Bitcoin spot ETFs,” Parth Chaturvedi, Head of Bitcoin, told Gadgets360. of CoinSwitch Ventures investments.

Ether, in an unusual market move, did not fall behind BTC on the earnings side of the cryptocurrency chart on Monday. The asset, which suffered a loss of 1.87 per cent, is currently trading at $3,260 (around Rs. 2.71 lakh) on the Indian exchange WazirX. Internationally, ETH is trading at $3,088 (approximately Rs. 2.57 lakh).

“ETH still needs to overcome several hurdles to overtake Bitcoin. ETH is hovering around $3,100, remaining above the 20 daily EMA, which is a positive sign. Its resistance levels are between $3,250 (around Rs. 2.70 lakh) and $3,650 (around Rs. 3.03 lakh),” the CoinDCX research team told Gadgets360.

The cryptocurrency chart of Gadgets360 showed mixed price movements for altcoins.Bind, Binance coinAND Solana for example, he managed to sell gains on the price chart along with BTC.

Dogemoneta, Shiba Inu, Monero, IotaAND NEM also recorded gains.

“Shiba Inu and Ripple could see further bearish momentum gain amid a broader uptrend for Bitcoin. The moving averages for Bitcoin indicate a “buy” sentiment and have challenged previous price levels. However, as May progresses, the price movement strengthens due to post-halving price consolidation and mid-year changes in sentiment,” Rajagopal Menon, vice president at WazirX, told Gadgets360.

Losing cryptocurrencies, however, include Cardano, Avalanche, Tron, Polka dot, Chain shirt, Polygon, Litecoin, UniswapAND Leo.

The overall cryptocurrency market capitalization fell by 0.36% in the last 24 hours. It now stands at $2.42 trillion (about Rs. 2,01,46,512 crore), it showed CoinMarketCap.

In the global regulatory landscape, the United States could see a revamp of cryptocurrency rules. The U.S. House of Representatives will vote next week on the Financial Innovation and Technology for the 21st Century Act (FIT21), which, if passed, could become the first major cryptocurrency regulation bill in the United States. Turkey, meanwhile, has presented a bill to regulate cryptocurrency-related activities. The Capital Markets Board (CMB) will be responsible for licensing and supervising these businesses.

Cryptocurrency is an unregulated digital currency, it is not legal tender and is subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV will not be liable for any losses resulting from investments based on recommendations, forecasts or any other information contained in the article.

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