Crypto Price Today: Bitcoin Price Drops Below $60,000, Dogecoin, Shiba Inu, Other Altcoins See Gains

The past few weeks have pushed Bitcoin below the $60,000 (roughly Rs. 50 lakh) price point for the first time in two months. As of Friday, May 3, Bitcoin was trading at $57,690 (roughly Rs. 48 lakh) according to Indian exchanges. With a loss of around 0.15 percent, the value of Bitcoin on foreign exchanges stands at $59,790 (Rs. 49.85 lakh approx). Bitcoin has been trading at a loss for most of this week after showing a big jump in April.

“This decline in price suggests that there is buying activity at a lower level. Bitcoin has not yet recovered and gained enough strength to make a sharp move due to macroeconomic factors and geopolitical tensions, making sideways trading more likely. Resistance for Bitcoin is seen at $60,300 (approx. Rs. 50.2 lakh), with support at $58,800 (approx. Rs. 49 lakh),” Edul Patel, CEO, Mudrex told Gadgets360.

Ether, which has been showing mixed price action for days, found itself on the losing side of the crypto chart on Friday. At the time of writing, ETH was priced at $2,907 (roughly Rs. 2.42 lakh) after posting a loss of 1.85 percent.

“Ethereum witnessed a surge driven by strong Ethereum ETFs in Hong Kong and increased network activity. Ethereum’s next resistance levels are projected at $3,100 (approx. Rs. 2.58 lakh) and $3,300 (approx. Rs. 2.75 lakh),” Patel added.

Tether, Solana, Cosmos and Braintrust have joined Bitcoin and Ether on the losing side of the crypto chart.

Apart from them, most altcoins have seen minor but notable gains since Friday. These include Ripple, Dogecoin, Cardano, Shiba Inu and Avalanche.

Tron, Chainlink, Polygon, Near Protocol, Litecoin, Leo, Uniswap, and Cronos also posted gains on May 3.

In the last 24 hours, the total valuation of the crypto market rose by 3.46 percent to $2.23 trillion (roughly Rs. 1,85,85,957 crore), according to CoinMarketCap.

“While spot BTC ETFs reported a combined outflow of $563 million (roughly Rs. 4,692 crore) on Wednesday, BlackRock predicts that there will be a new wave of inflows from various types of investors, which will include sovereign wealth funds, pension funds and endowments. The company expects to retain demand for BTC exposure through ETFs,” Parth Chaturvedi, Head of Investments, CoinSwitch Ventures told Gadgets360.

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