BTC Exceeds $30,000 in Value as Overall Crypto Price Chart Reflect Gains for Most Cryptocurrencies

BTC price stands at around $30,140 (roughly Rs. 23 lakh) on international exchanges.

By Radhika Parashar | Updated: 20 May 2022 11:22 IST

BTC Exceeds $30,000 in Value as Overall Crypto Price Chart Reflect Gains for Most Cryptocurrencies

Photo Credit: Pexels/ Rodnae Productions

The overall market cap of the crypto sector stands at $1.27 trillion

Highlights

Polkadot saw gains
Elrond, Avalanche saw dips
Terra continues to trade lowly

After being red in losses for most of this week, the crypto price charts seem to be jumping back to health at a gradual pace. Bitcoin on Friday, May 20, opened trading at $31,728 (roughly Rs. 24.5 lakh) with minor gains of 2.60 percent as per Indian exchange Coinswitch Kuber. Gains of over three percent also added to Bitcoin values on international exchanges. Its price currently stands around $30,140 (roughly Rs. 23 lakh) on exchanges such as Binance and CoinMarketCap.

Ether followed Bitcoin up the price ladder. ETH saw gains of 2.43 percent that rose its value to $2,124 (roughly Rs. 1.65 lakh), Gadgets 360's crypto price tracker showed.

As for now, both of the top two cryptocurrencies are a long way from their last All Time Highs of $67,567 (roughly Rs. 52 lakh) and $4,812 (roughly Rs. 3.75 lakh) that they respectively attained in November last year.

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Meanwhile, other altcoins that kickstarted the weekend with gains include Binance Coin, Ripple, and Polkadot.

Surprisingly, profits also found their way to meme-based Dogecoin and its rival Shiba Inu.

A bunch of stablecoins however, did see small but significant losses. These include Tether, USD Coin, and Binance USD.

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In fact, altcoins such as Solana, Avalanche, and Elrond also found themselves affected with minor losses.

Terra, after its recent, rather harrowing downfall from being the eight largest cryptocurrency in terms of market cap, is trading at $0.00014 (roughly Rs. 0.010777).

The overall market cap of the crypto sector stands at $1.27 trillion (roughly Rs. 9,90,70,706 crore) as per CoinMarketCap.

More investments are coming to the crypto sector, despite its recent slowdown.

In a bid to accelerate research and development in this consumer-centric industry, Andreessen Horowitz (a16z) has pledged a fund of $600 million (roughly Rs. 4,661 crore).

In its recent ‘State of Crypto' report, a16z had acknowledged that the route for growth for the crypto sector is tough. Despite the coming turbulent days, the firm has been opening floodgates of investments in the crypto and blockchain-based sectors.

Meta has also filed for a patent to operate ‘Meta Pay', a crypto-supporting online payments service.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Binance Coin, Ripple, Polkadot, Dogecoin, Shiba Inu, Tether, USD Coin, Binance USD, Solana, Avalanche, Elrond, Terra

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