Bitcoin Price Around $27,000, Ether Joins Dogecoin, Solana in Recording Losses

Bitcoin on Wednesday, May 10, recorded a small loss that showed its impact on the trading values of majority other cryptocurrencies. The most valued cryptocurrency dropped by 0.73 percent to trade at $27,710 (roughly Rs. 22.7 lakh) on the price chart. This is the third day that Bitcoin has maintained its pricing within the range of $27,000 (roughly Rs. 22 lakh)-$28,000 (roughly Rs. 22.9 lakh). Despite Bitcoin's ongoing downtrend, active addresses for the cryptocurrency soared to a new record of nearly 1.3 million, indicating a growing traction among retail users and institutions.

Ether dipped by 0.53 percent on Wednesday, following Bitcoin's market trajectory. The second-most valued cryptocurrency stood at the price point of $1,845 (roughly Rs. 1.5 lakh) at the time of writing. Despite the value fluctuations, there has been a surge in retail interest in Ethereum. Recently, the number of ETH addresses holding 0.1+ coins reached a four-month-high of 5,194,526. In addition, the total Ethereum staking deposits have exceeded withdrawals since the Shanghai upgrade with liquid staking protocols being the major gainers, as per the data by DeFillama

“Bitcoin traded sideways over the last 24 hours. The price of BTC has started to recover due to a decrease in blockchain congestion. Meanwhile, investors are eagerly awaiting the release of CPI inflation data today. BTC is currently being traded at the $27,600 (roughly Rs. 336) level, but is facing resistance near the $28,000 (roughly Rs. 341) zone. Ethereum, the second largest cryptocurrency, has been trading flat at the $1,840 (roughly Rs. 1.5 lakh) level,” Edul Patel, the CEO and founder of Mudrex told Gadgets 360.

Following BTC and ETH, most cryptocurrencies recorded small losses on Wednesday as per Gadgets 360's crypto price tracker.

These include Binance Coin, Cardano, Dogecoin, Polygon, Solana, and Polkadot.

Tron, Litecoin, Shiba Inu, Avalanche, and Chainlink also settled with losses.

Despite Litecoin recording small dips, activities around the cryptocurrency have picked up pace.

“Investors continue to be bullish about Crypto amidst uncertainty around inflation and rate hikes in the USA. The Bitcoin network congestion contributed to a surge in transactions on Litecoin. The memecoin buzz added to the new series of activities on the Litecoin network,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.

The overall crypto market rose by 0.12 percent in the last 24 hours. The global crypto market cap, as per CoinMarketCap, stands at $1.14 trillion (roughly Rs. 93,78,421 crore) as of Wednesday.

Only a small number of cryptocurrencies reeled-in profits today. These include stablecoins Tether, USD Coin, and Binance USD.

Leo, Flex, Augur, Dogefi, and Bitcoin Hedge also spiked with minor profits.

“On the positive side, a new hosted fiat-to-crypto onramp to make digital asset purchases easier is soon launching. The move is expected to benefit Web3 companies, which can direct their US-based customers to the link without the need for any access code,” the research team at CoinDCX told Gadgets 360.

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.