From BTC to DOGE and SHIB, Most Altcoins Swell With Gains Despite Stablecoins Seeing Losses

Bitcoin and Ether, both rose in value by around 4.25 percent, taking their respective values to $32,707 (roughly Rs. 25 lakh) and $1,969 (roughly Rs. 1.5 lakh).

By Radhika Parashar | Updated: 6 June 2022 11:09 IST

From BTC to DOGE and SHIB, Most Altcoins Swell With Gains Despite Stablecoins Seeing Losses

Photo Credit: Unsplash/ Quantitatives.io

The current market cap of the crypto industry stands at $1.28 trillion

Highlights

Binance Coin, Solana saw gains
Cardano, Polkadot saw gains
Experts see low-risk appetite among traders

The crypto price charts are flashing a bold green colour next to majority altcoins, indicating at profits. Bitcoin stepped into the new week on June 6 with substantial gains of 4.25 percent. As per Indian exchange CoinSwitch Kuber, BTC is currently trading close to $32,707 (roughly Rs. 25 lakh). Bitcoin followed a similar pattern in its market movement worldwide as well. Binance and CoinMarketCap among other international crypto exchanges are showing gains of over 4.83 percent against its current value of $31,154 (roughly Rs. 24 lakh).

Ether, the second most valued cryptocurrency by market cap after BTC, also treaded lightly on the gain trail. With a value hike of 4.25 percent, ETH is trading at $1,969 (roughly Rs. 1.5 lakh), as per the crypto price tracker of Gadgets 360.

Majority altcoins, in fact, have started the week with profits. The development comes after weeks of low market movement that followed the crash of Terra.

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Binance Coin, Cardano, Solana, and Polkadot joined BTC and ETH up the price ladder.

Surprisingly, both meme coins DOGE as well as SHIB also swelled up with price bulks.

With a small hike of 1.76 percent Dogecoin's current price stands close to $0.087 (roughly Rs. 7). On the other hand, Shiba Inu also saw a minor increment of 1.91 percent, that took its value to $0.000012 (roughly Rs. 0.000907).

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While several cryptocurrencies did show greens next to their respective names, it is notable that most of these gains were miniscule.

Talking to Gadgets 360, Edul Patel, the CEO of Mudrex crypto investment platform said that the rather lacklustre market climate indicates towards a low-risk appetite among crypto traders.

“Bitcoin has been struggling to break over the $31,000 (roughly Rs. 24 lakh) level. The market and investors have not yet recovered from the recent crash. So, for a few more days, the growth of BTC and other cryptocurrencies could be limited. On the other hand, when compared to BTC, Ethereum is not performing well. So, if bulls can defend ETH at its support levels it may stay there, if not, bears may likely explore lower levels,” said Patel.

Meanwhile, stablecoins pegged to the US dollar including Binance USD, Tether, and USD Coin witnessed small losses today, at opening.

The development is backed by the sharp drop of the dollar index in recent days, after Federal Reserve Chairman Jerome Powell reportedly said that the 50 basis point rate hike should be on the table for the next couple of meetings.

As of now, the current market cap of the crypto industry stands at $1.28 trillion (roughly Rs. 99,41,015 crore) as per CoinMarketCap.

What is the best value flagship smartphone? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Stablecoin, Bitcoin, Ether, Dogecoin, Shiba Inu, Tether, USD Coin, Binance USD, Solana, Binance Coin, Cardano, Polygon

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More