The crypto market, while still slowed down, is seemingly stabilising after going through a rough April. Stepping into May, the markets are showing signs of consolidation, analysts told Gadgets 360. On Thursday, May 1, Bitcoin reflected a minor price dip of 0.17 percent to trade at $94,920 (roughly Rs. 80 lakh) on international exchanges. On Indian exchanges as well, Bitcoin logged a loss of around one percent to trade at $95,400 (roughly Rs. 80.7 lakh).
“Bitcoin showed strong resilience at lower levels, fueled by continuing Bitcoin ETF inflows and increasing whale accumulation. Notably, K33 Research reports that Bitcoin’s weekly volatility has dropped to a 563-day low, reinforcing its growing maturity as a global financial asset. BTC continues to face resistance above the $95,500 (roughly Rs. 80.8 lakh) zone while support has moved back to $93,000 (roughly Rs. 78.6 lakh),” Alankar Saxena, Co-founder and CTO of Mudrex told Gadgets 360.
Ether showed a minor price hike of 0.31 percent on international exchanges. Data by CoinMarketCap shows that ETH is presently trading at $1,810 (roughly Rs. 1.53 lakh). Meanwhile, on Indian exchanges, the asset is trading at $1,824 (roughly Rs. 1.53 lakh).
“Ethereum is in the process of consolidating and may be building up to change dominance, depending on the future direction of market dynamics. On the whole, sentiment in the crypto world is positive,” Avinash Shekhar, Co-Founder and CEO of Pi42, told Gadgets 360.
The crypto price tracker showed the majority of altcoins trading in reds on Thursday.
These include Ripple, Solana, Binance Coin, Dogecoin, Cardano, and Chainlink.
Tron, Uniswap, Cronos, EOS Coin, and Bitcoin SV also settled in losses alongside BTC.
The overall crypto market cap clocked a loss of 0.26 percent in the last 24 hours. With this, the valuation of the sector has come to $2.96 trillion (roughly Rs. 2,50,51,499 crore), showed CoinMarketCap.
Leo, Monero, Floki Inu, and Zcash emerged among the handful of crypto assets that did manage to hold onto minuscule gains on Thursday.
“The cryptocurrency market experienced a downturn, influenced by unfavorable US economic indicators. Following reports of a negative first-quarter GDP and weaker-than-anticipated employment data signaling stagflation concerns, Bitcoin briefly surpassed $95,000 but retracted,” the CoinSwitch Markets Desk told Gadgets 360, advising investors to practice caution in making financial decisions.
