Bitcoin Nears $27,000 Mark, Prices of Most Cryptocurrencies Fall Despite Bullish Sentiment: Details

Bitcoin was trading at $26,985 (roughly Rs. 22 lakh) on Tuesday.

Written by Radhika Parashar, Edited by David Delima | Updated: 16 May 2023 11:46 IST

Bitcoin Nears $27,000 Mark, Prices of Most Cryptocurrencies Fall Despite Bullish Sentiment: Details

Photo Credit: Pixabay/ Sergei Tokmakov

The valuation of the crypto sector stands at $1.13 trillion as of May 16

Highlights

DOGE, SHIB recorded losses on Tuesday
Altcoins like Zilliqa saw their values rise
Crypto experts are optimistic about further recovery of the sector

Bitcoin price on Tuesday was $26,985 (roughly Rs. 22 lakh) on both, national as well as international exchanges, and the digital currency appears to be inching closer to recovery. With a minor loss of 0.70 percent, the world's most expensive cryptocurrency saw its price fall from $27,180 (roughly Rs. 22.3 lakh) over the last 24 hours — a drop of $195 (roughly Rs. 16,032). Ether also recorded losses like Bitcoin. ETH on Tuesday recorded a loss of 1.37 percent, as per the Gadgets 360 crypto price tracker. Ether is currently trading at $1,809 — a drop of $16 (roughly Rs. 1,315).

“BTC and ETH have been range bound. However, BTC's value is holding relatively well and is currently above its 200-week average. In parallel, Lido (LDO) upgraded to its second version on Ethereum last evening, resulting in a >7 percent price rally over the last 24 hours. Bullish sentiments seem to be gradually restoring as the crypto fear and greed index stands at 54, up four points from yesterday. The crypto-cautious investors, however, continue to observe from the sidelines,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures told Gadgets 360.

Many other cryptocurrencies saw their prices fall on Tuesday, including Binance Coin, Cardano, Solana, Polygon, Polkadot, and Avalanche.

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Both memecoins Dogecoin and Shiba Inu also dropped in value.

“Market makers have retreated from US crypto trading due to liquidity and regulatory concerns. Analysts await the debt ceiling talks to assess if investors perceive Bitcoin as a safe-haven asset amidst regulatory uncertainty,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.

As per CoinMarketCap, the crypto sector's market cap stood at $1.13 trillion (roughly Rs. 92,68,725 crore) on Tuesday.

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Meanwhile, Tether, USD Coin, and Binance USD saw their prices rise. These stablecoins were also joined by Bitcoin Cash, NEO Coin, Iota, and Zilliqa that also rose in value.

Despite the ongoing slowdown in the crypto sector, experts believe activities around cryptocurrencies are still brewing. “One notable indicator of potential upward momentum for Bitcoin, for instance, is the decline in the Stablecoin Supply Ratio (SSR), which has dropped approximately 11 percent in the past 11 days. The SSR is a key metric used to gauge buying pressure in the market, with lower values suggesting increased buying power. These developments bode well for Bitcoin's price trajectory, potentially pushing it higher in the near term,” the research team at CoinDCX told Gadgets 360.

In another encouraging development for Bitcoin, the number of wallet addresses holding at least one whole BTC has surpassed the one million milestone. This significant growth in the number indicates a broadening base of Bitcoin holders who have accumulated enough of the cryptocurrency to possess at least one full unit. “The rise in the number of such addresses, with approximately 190,000 added since early February 2022, coincided with a decline in Bitcoin's price,” the CoinDCX team added.

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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

Email Radhika

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