The crypto market reflected more gains than losses on Wednesday, May 28. Bitcoin price rose by under two percent in the last 24 hours on international exchanges. At the time of writing, BTC was trading at $108,898 (roughly Rs. 93.2 lakh) on global platforms. The most expensive crypto asset exceeded the mark of $111,500 (roughly Rs. 95.4 lakh) last week only to consolidate around $109,000 (roughly Rs. 93.3 lakh) in the last few days. On Indian exchanges, BTC price rose by under one percent on Wednesday taking its price to $110,550 (roughly Rs. 94.6 lakh).
«Bitcoin is trading at $108,800 after attempting to break the resistance near $111,000. BTC is currently in a re-accumulation phase, where steady buying interest is helping maintain bullish momentum,» Edul Patel, Co-founder and CEO of Mudrex told Gadgets 360.
Ether clocked a profit of 3.40 percent to trade at $2,641 (roughly Rs. 2.66 lakh) on international exchanges on Wednesday. Meanwhile, on Indian exchanges, ETH is retailing at $2,646 (Roughly Rs. 2.26 lakh) after clocking profits of over 3.64 percent.
«Ethereum remains stable around $2,600 (roughly Rs. 2.22 lakh), showcasing investor confidence. Overall, the market remains in a consolidation phase, with eyes on further macro developments and potential breakout signals.” — said Avinash Shekhar, Co-Founder and CEO, Pi42.
The crypto price tracker by Gadgets 360 showed profits corresponding with a majority of cryptocurrencies on Wednesday.
These include Ripple, Tether, Solana, and Binance Coin.
Avalanche, Shiba Inu, and Polkadot also showed small gains.
The overall market cap rose by under one percent in the last 24 hours. The valuation of the sector presently stands at $3.44 trillion (roughly Rs. 2,94,64,390 crore), showed CoinMarketCap.
«In an interesting update, Trump Media announced a $2.5 billion (roughly Rs. 21,370 crore) Bitcoin treasury deal with Crypto.com and Anchorage for custody. Despite the development, the crypto market remained restricted within a horizontal consolidation with top coins having accumulated within narrow ranges,» the CoinDCX team told Gadgets 360, suggesting investors to do their due diligence before interacting with the markets.
Meanwhile, altcoins such as Dogecoin, Cardano, and Tron joined Monero and Cronos in reflecting small losses on Wednesday.
At present, Bitcoin’s dominance over the market stands at 63 percent, whereas Ether commands a 9.3 percent dominance.
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.
