The overall cryptocurrency market showed relatively flat trading today. Bitcoin reflected a modest gain of 1.28 percent on Wednesday, May 29. Currently, Bitcoin is trading at $68,768 (approximately Rs. 57.2 lakh) on international exchanges like CoinMarketCap. On Indian exchanges such as WazirX, CoinDCX, and CoinSwitch, Bitcoin is priced around $71,770 (roughly Rs. 59.7 lakh). Market analysts predict that the upcoming US GDP announcement could introduce more volatility into the market in the coming days.
“The crypto market has been volatile due to the news of Mt. Gox transferring BTC, causing many altcoins to fall. Bitcoin's short-term price action looks uncertain, though it remains strong and bullish in the higher time frame,” CoinDCX told Gadgets360.
Ether experienced a price dip of 1.42 percent, according to Gadgets360's crypto price chart. At the time of writing, Ether was trading at $3,861 (approximately Rs. 3.21 lakh) on CoinMarketCap. The price of Ether is expected to increase in the coming days, following the approval of ETH ETFs in the US.
“As the launch of spot Ether ETFs approaches within the next two months, Ethereum bulls are reasserting their dominance. Daily trading volumes for Ethereum have also seen a substantial increase, rising by 68 percent to nearly $17 billion (roughly Rs. 1,41,554 crore). This renewed bullish sentiment appears to be driven by the anticipation of the ETF launch, indicating that investors are positioning themselves for potential further gains shortly,” the ZebPay trade desk told Gadgets360.
On Wednesday, more cryptocurrencies recorded small gains than losses on the price chart. Binance Coin, Ripple, Dogecoin, Shiba Inu, Cardano, Avalanche, Wrapped Bitcoin, Tron, and Near Protocol all found their way onto the profit-making side of the crypto chart.
Minor gains were also seen by Leo, Cosmos, Stellar, Bitcoin SV, and EOS Coin.
“The crypto market remained volatile with BTC and ETH witnessing marginal swings in their prices. The market is expected to remain volatile in the coming weeks due to uncertain macroeconomic conditions,” Shivam Thakral, CEO of BuyUcoin, told Gadgets360.
