Crypto market today: Bitcoin records minor gains, most altcoins post gains

The crypto chart reflected more gains than price declines on Friday, May 10. Bitcoin recorded a marginal price gain of 2.03 percent to trade at $66,115 (Rs. 55.2 lakh approx) on Indian exchanges like CoinSwitch. Meanwhile, on international exchanges, the asset is trading at a slightly lower price of $62,879 (Rs. 52.5 lakh approx). Over the past few days, Bitcoin has kept its value in the same band. Market analysts pointed out that technical indicators like RSI suggest a potential drop back to $60,000 (roughly Rs. 50 lakh) for BTC in the coming days.

“This could be the start of BTC’s recovery wave, but bears may remain active near the $63,200 (roughly Rs. 52.7 lakh) resistance zone,” Parth Chaturvedi, Head of Investments at CoinSwitch Ventures, told Gadgets360.

Ether joined Bitcoin on the green side of the crypto charts. In India, ETH is trading at $2994 (approx. Rs. 2.50 lakh). On the other hand, Ether is trading at 3045 (roughly Rs. 2.54 lakh) on international exchanges like CoinMarketCap.

“This becomes a remarkable level for the token, acting as both support and resistance. Predictions of a market spike cannot be ruled out for Ethereum. However, with various factors in the market, a breakout in either direction may be inevitable,” Rajagopal Menon, Vice President, WazirX, told Gadgets360.

Most of the popular cryptocurrencies posted gains on Thursday. These include Binance Coin, Solana, Dogecoin, Cardano, Shiba Inu, Avalanche, Tron and Polkadot.

“In the universe of meme coins, DOGE (+2.5 percent) was the outlier. In addition, VanEck’s MarketVector launched a new memecoin index tracking the biggest meme coins including DOGE, SHIB, FLOKI, WIF and BONK. The index has grown 195 percent year-on-year,” Chaturvedi added as part of his analysis.

Losing cryptocurrencies, on the other hand, include Ripple, Cosmos, Underdog and Baby Dogecoin.

The overall valuation of the crypto market has risen by 2.24 percent in the last 24 hours. At the time of writing, the sector’s valuation stood at $2.33 trillion (roughly Rs. 1,94,54,160 crore) according to CoinMarketCap.

Giving a general perspective, Sentiment, an on-chain analytics firm, highlighted that investor sentiment towards leading cryptocurrencies is still negative. It also adds that sentiment has changed dramatically since the Bitcoin halving event, before which sentiments of outright “greed” dominated the market.

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