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

The cryptocurrency chart reflected more gains than price declines on Friday, May 10. Bitcoin saw a slight price increase of 2.03% to trade at $66,115 (around Rs. 55.2 lakh) on Indian exchanges like CoinSwitch. On international bourses, meanwhile, the asset is trading at a slightly lower price of $62,879 (around Rs. 52.5 lakh). In recent days, Bitcoin has maintained its value in the same range. Market analysts have pointed out that technical indicators like RSI suggest a potential drop to $60,000 (around Rs. 50 lakh) for BTC in the coming days.

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

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 is becoming a notable level for the token that acts as both support and resistance. For Ethereum, forecasts of a market surge cannot be ruled out. However, with various factors at play in the market, a disruptive move in either direction could be imminent,” Rajagopal Menon, vice president at WazirX, told Gadgets360.

Most of the popular cryptocurrencies posted profits on Thursday. These include Binance coin, Solana, Dogemoneta, Cardano, Shiba Inu, Avalanche, TronAND Polka dot.

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

However, loss-making cryptocurrencies are included Ripple, Cosmos, LoserAND Baby Dogecoin.

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

Give a general perspective, Most Holy, an on-chain analytics firm, pointed out that investor sentiment towards major cryptocurrencies is still negative. He further added that the mood changed dramatically after the Bitcoin halving, before which an overt feeling of “greed” dominated the market.

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