Bitcoin Keeps Prices Above $60,000, Volatility Pushes Most Altcoins to Loss

The cryptocurrency price chart reflected volatility with most altcoins trading at losses on Monday, May 13. Entering the third week of this month, Bitcoin saw its trading value remain near 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 posting 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 cryptocurrency market maintained a sideways trend, with BTC consolidating within its range. Despite the lack of significant price movement, there were notable developments in Bitcoin adoption from part of traditional financial firms. Both JPMorgan Chase and Wells Fargo disclosed exposure to Bitcoin ETFs in their recent filing with the US SEC. While their allocation to Bitcoin remains small, this signals a positive step towards mainstream adoption which bodes well for the cryptocurrency market,” the CoinDCX research team told Gadgets360.

Ether showed a slight decline in prices on Monday. The second most popular asset in the cryptocurrency chart, ETH posted 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 at around $2,883 (around Rs. 2.40 lakh).

Most of the popular cryptocurrencies are trading in the red as of May 13th. These include Ripple, Dogemoneta, Cardano, Polka dotAND Chain shirt.

Among other cryptocurrencies reflecting losses, Close to the protocol, Polygon, Leo, Uniswap, Cosmos, Chrono, StellarAND Monero they also wrote down their names.

“The cryptocurrency market appears to be in a lull, with many major cryptocurrencies consolidating in recent weeks. The top cryptocurrencies by market capitalization saw limited ranges over the weekend. However, investor interest continues to remain positive, with the index still in the greed zone,” Parth Chaturvedi, chief investment officer at CoinSwitch Ventures, told Gadgets360, commenting on the market situation.

Only a small number of cryptocurrencies posted gains on Monday. These include Bind, Iota, Augur, DogefiAND Bitcoin Hedging.

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

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