Bitcoin, Ether Slip Down Price Ladder; Cardano, Polkadot Emerge Among Profit-Making Altcoins

Bitcoin on Thursday, May 11, recorded a loss of 0.86 percent to trade at the price point of $27,520 (roughly Rs. 22.5 lakh).

Written by Radhika Parashar, Edited by Manas Mitul | Updated: 11 May 2023 11:32 IST

Bitcoin, Ether Slip Down Price Ladder; Cardano, Polkadot Emerge Among Profit-Making Altcoins

Photo Credit: Unsplash/ Art Rachen

The overall market valuation of the crypto sector stood at $1.13 trillion as of May 11

Highlights

Dogecoin, Shiba Inu trading in losses
Stablecoins recorded small gains
SushiSwap saw profits

The crypto market situation, after having been notably profitable until last week ago, is now undergoing a period of volatility. Bitcoin on Thursday, May 11, recorded a loss of 0.86 percent to trade at the price point of $27,520 (roughly Rs. 22.5 lakh). This marks the fourth day this week that Bitcoin has remained close to the mark of $27,000 (roughly Rs. 22 lakh) on both, national as well as international exchanges. In the last one month, the highest that Bitcoin has managed to climb in-terms of value is $31,000 (roughly Rs. 25.5 lakh).

Ether tumbled by 1.25 percent to trade at $1,830 (roughly Rs. 1.5 lakh) on Thursday, showed the crypto price tracker by Gadgets 360. Following its conventional market route, Ether remains in alignment with Bitcoin's trajectory.

“Bitcoin's price remains mostly flat after a promising surge following the banking crisis in the US. Ethereum on the other hand shows potential for a short-term price hike due to several use cases of the blockchain,” Rajagopal Menon, Vice President, WazirX told Gadgets 360, weighing-in on the market situation.

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With the top two cryptocurrencies reeling under losses, several other altcoins also found themselves on the loss-making side of the price chart.

These include stablecoins Tether, USD Coin, Ripple, and Binance USD.

Binance Coin, Dogecoin, Solana, Polygon, Tron, and Litecoin also settled with minor dips.

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“Investors eagerly anticipate the latest US inflation report for guidance on the Federal Reserve's future monetary policy. Furthermore, digital asset investment products experienced outflows of $54 million (roughly Rs. 442 crore) last week. Solana was the only altcoin to see investment, with inflows of $3.4 million (roughly Rs. 27 crore), the second largest over the last 12 months,” the CoinDCX research team told Gadgets 360.

The overall crypto market valuation slid to $1.13 trillion (roughly Rs. 9297619 crore) after recording a loss of 0.68 percent in the last 24 hours.

Meanwhile, a small percentage of the crypto price chart did reflect greens indicating at profits.

Cardano, Polkadot, Avalanche, Leo, Cosmos, Uniswap, and Decentraland recorded small profits on Thursday.

NEO Coin, Dash, Zilliqa, NEM, SushiSwap, and Ardor also managed to see minor gains.

OnePlus recently launched its first tablet in India, the OnePlus Pad, which is only sold in a Halo Green colour option. With this tablet, OnePlus has stepped into a new territory that's dominated by Apple's iPad. We discuss this and more 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, 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

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