Crypto Price Today: Bitcoin, Ether See Small Losses, Most Altcoins Reflect Price Drops

Bitcoin on Wednesday, May 8, showed a minor drop of 1.45 percent that occurred in the last 24 hours. The asset, the most expensive on the crypto chart, is currently trading at $66,695 (roughly Rs. 55.6 lakh) on Indian exchanges like CoinSwitch. On international exchanges like CoinMarketCap, the value of Bitcoin is hovering above the $62,600 mark (roughly Rs. 52.2 lakh). In a remarkable development, Bitcoin hit one billion transactions this week for the first time since its inception in 2015.

“Support is now at $61,500 (approx. Rs. 51.3 lakh) and resistance is at $64,500 (approx. Rs. 53.8 lakh). We are likely to see range trading for a few days as Bitcoin has not gained enough strength to make an upward move,” Edul Patel, CEO of Mudrex told Gadgets360.

Ether has outperformed Bitcoin in recent days. The second most popular crypto asset after BTC, ETH is currently trading at $3,194 (roughly Rs. 2.66 lakh) after registering a small loss of 1.78 percent. On foreign exchanges like CoinMarketCap, the asset is priced at $3,009 (roughly Rs. 2.51 lakh).

Major cryptocurrencies reflected losses on Wednesday. These include Solana, Ripple, Dogecoin, Cardano, Polkadot and Chainlink.

Shiba Inu, Avalanche and Bitcoin Cash also recorded losses along with Polygon, Uniswap, Cosmos, Cronos and Stellar.

“Shiba Inu is showing mild bullish signs with expectation of further sell-off as the price rises. Cardano’s backer list remains strong even as the token goes through a cooling off period. It has a strong support zone that has been historically important,” Rajagopal Menon, Vice President of WazirX told Gadgets360.

The total market capitalization of cryptocurrencies has decreased by 0.76 percent in the last 24 hours. With this, the valuation of the sector reached the $2.31 trillion mark (roughly Rs. 1,92,87,044 crore), shows CoinMarketCap.

Winning cryptocurrencies, meanwhile, include Binance Coin, Tron, Near Protocol, Litecoin and Leo.

Cryptocurrency is an unregulated digital currency, not 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 kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising from any investment based on an accepted recommendation, forecast or other information contained in the article.