Bitcoin Maintains Pricing Above $60,000, Volatility Pushes Most Altcoins to Losses

Bitcoin is trading at $65,477 (roughly Rs. 54 lakh) on Indian exchanges like WazirX, CoinDCX, and CoinSwitch.

Bitcoin Maintains Pricing Above $60,000, Volatility Pushes Most Altcoins to Losses

Photo Credit: Unsplash/ Ash_Ismail

The overall valuation of the crypto market, as of May 13, stands at $2.23 trillion

Highlights
  • Zcash, Qtum recorded losses
  • Price dips were also registered by Litecoin and Leo
  • Augur, Bitcoin Hedge saw gains
Advertisement

The crypto price chart reflected volatility with most altcoins trading in losses on Monday, May 13. Stepping into the third week of this month, Bitcoin saw its trading value remaining close to the mark of $60,000 (roughly Rs. 50 lakh). On Indian exchanges like WazirX, CoinDCX, and CoinSwitch, Bitcoin is trading at $65,477 (roughly Rs. 54 lakh) after seeing a minor gain of 0.78 percent. Internationally, BTC is trading at $60,999 (roughly Rs. 50.9 lakh) on exchanges like Binance, Coinbase, and CoinMarketCap.

“Over the weekend, the crypto market maintained a sideways trend, with BTC consolidating within its range. Despite the lack of significant price movement, there were notable developments in traditional finance companies adopting Bitcoin. Both JPMorgan Chase and Wells Fargo disclosed exposure to spot Bitcoin exchange-traded funds in their recent filing with the US SEC. Although their Bitcoin allocation remains small, it signals a positive step towards mainstream adoption, which bodes well for the crypto market,” the CoinDCX research team told Gadgets360.

Ether showed a slight price dip on Monday. The second most popular asset on the crypto chart, ETH recorded a loss of 1.43 percent to trade at $3,119 (roughly Rs. 2.60 lakh) on Indian exchanges like CoinDCX. Internationally, the asset is priced somewhere around $2,883 (roughly Rs. 2.40 lakh).

Most of the popular cryptocurrencies, as of May 13, are trading in the reds. These include Ripple, Dogecoin, Cardano, Polkadot, and Chainlink.

Among other cryptocurrencies that reflected losses, Near Protocol, Polygon, Leo, Uniswap, Cosmos, Cronos, Stellar, and Monero also marked their names.

“The crypto market seems to be in a lull, with many major cryptos consolidating for the last few weeks. Top cryptos by market cap were rangebound over the weekend. However, the investor interest continues to stay positive, with the index still in the greed zone,” Parth Chaturvedi, Investments Head, CoinSwitch Ventures told Gadgets360, commenting on the market situation.

Only a small number of cryptocurrencies recorded gains on Monday. These include Tether, Iota, Augur, Dogefi, and Bitcoin Hedge.

This week's announcements on CPI and PPI could introduce volatility to the market, given the current high correlation between US macroeconomic indicators and cryptocurrencies. In the last 24 hours, the valuation of the crypto market dipped by 1.26 percent to claim the spot at $2.23 trillion (roughly Rs. 1,86,27,045 crore), showed CoinMarketCap.


Is the Samsung Galaxy Z Flip 5 the best foldable phone you can buy in India right now? We discuss the company's new clamshell-style foldable handset on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

Affiliate links may be automatically generated - see our ethics statement for details.

Cryptocurrency Prices across Indian exchanges

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Radhika Parashar
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
God of War Ragnarok Set to Be Next PlayStation Exclusive to Release on PC: Report
Facebook Gadgets360 Twitter Share Tweet Snapchat LinkedIn Reddit Comment google-newsGoogle News

Advertisement

Follow Us
© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »