Crypto Price Today: Bitcoin Logs Minor Gains as Prices of Most Altcoins Tumble Amid Market Volatility

Bitcoin's price rose to $68,600 (roughly Rs. 57 lakh) on international exchanges like CoinMarketCap on Friday.

Written by Radhika Parashar, Edited by David Delima | Updated: 31 May 2024 11:49 IST

Crypto Price Today: Bitcoin Logs Minor Gains as Prices of Most Altcoins Tumble Amid Market Volatility

Photo Credit: Pixabay/ Elvind Pedersen

Presently, the crypto market cap stands at $2.54 trillion

Highlights

Binance Coin and Solana dropped in value on Friday
Shiba Inu and Dogecoin prices rose and fell, respectively
Both Polygon and Uniswap were also cheaper on Friday

Bitcoin price on Friday rose by 0.69 percent, bringing the value of the world's most widely used cryptocurrency to $68,600 (roughly Rs. 57 lakh) on international exchanges like CoinMarketCap. On national exchanges like WazirX and CoinDCX, the digital asset is trading at a slightly higher price of $71,930 (roughly Rs. 59.8 lakh). Bitcoin has hovered around the same price range for over two weeks, and market experts have predicted that if BTC fails to break the resistance point of $68,800 (roughly Rs. 52.7 lakh), it could enter into a loss spiral.

“BTC continues to range in the lower time frame. It must hold above $67,000 (roughly Rs. 55.7 lakh) to avoid a potential small dip. Alts are weaker compared to BTC, as the ETH/BTC pair is at a resistance level,” the CoinDCX market team told Gadgets360 on Friday.

Ether saw a loss of 1.58 percent on Friday. The second most expensive asset after Bitcoin, Ether is trading at $3,951 (roughly Rs. 3.2 lakh) on Indian exchanges, whereas on foreign exchanges, ETH is priced $3,745 (roughly Rs. 3.11 lakh). “Analysts have mixed opinions on the impact of potential low volumes, but Ethereum's performance remains robust,” Rajagopal Menon, Vice President, WazirX said.

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Most cryptocurrencies saw their values drop on Friday, including Binance Coin, Solana, Ripple, Cardano, Shiba Inu, Avalanche, and Polkadot.

Other altcoins that saw their prices fall include Near Protocol, Polygon, Uniswap, Cosmos, Stellar, and Cronos.

The overall crypto market cap slipped by 0.04 percent over the last 24 hours. The current valuation of the crypto sector stands at $2.54 trillion (roughly Rs. 2,11,54,720 crore), according to CoinMarketCap.

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Meanwhile, cryptocurrencies that increased in value include Tether, USD Coin, Dogecoin, Chainlink, Litecoin, and Leo.

“If the Fed decides to relax monetary policy in its next meeting, the crypto market may witness an upward trend,” Shivam Thakral, CEO of BuyUcoin told Gadgets360.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Qutm, Wrapped Bitcoin, Zcash, Tether, USD Coin, Ripple, Binance USD, Binance Coin, Cardano, Polygon, Solana, Polkadot, Dogecoin, Shiba Inu, Litecoin, Uniswap, Tron, Monero, Dash, Bitcoin Cash, Flex, Cartesi, Braintrust, Kishu Inu, Circuits of Value

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