Bitcoin posted a small loss on Wednesday, May 10, which showed its effect on the trading prices of most other cryptocurrencies. The most valuable cryptocurrency on the price chart is trading down 0.73 percent at $27,710 (roughly Rs. 22.7 lakh). This is the third day in which bitcoin has maintained its pricing within the range of $27,000 (Rs 22 Lakh approx) – $28,000 (Rs 22.9 Lakh approx). Despite bitcoin’s ongoing downtrend, active addresses for the cryptocurrency soared to a new record of nearly 1.3 million, indicating growing traction among retail users and institutions.
ether This was followed by a fall of 0.53 per cent on Wednesday of bitcoin market trajectory. The second most valuable cryptocurrency at the time of writing was at a price point of $1,845 (roughly Rs. 1.5 lakh). Despite the price volatility, there has been an increase in retail interest in Ethereum. Recently, the number of ETH addresses with 0.1+ coins reached a four-month high of 5,194,526. Furthermore, according to data from DeFillama, total Ethereum staking deposits have exceeded withdrawals since Shanghai was a major beneficiary of the Liquid staking protocol.
“Bitcoin traded sideways over the past 24-hours. BTC price has started to correct due to a decrease in blockchain congestion. Meanwhile, investors eagerly await the release of CPI inflation data today. BTC Currently trading near $27,600 (roughly Rs. 336) levels but facing resistance near $28,000 (roughly Rs. 341) zone. Ethereum, the second largest cryptocurrency, is at $1,840 (roughly Rs. 1.5 lakh). Is doing a flat business at Rs 10,000,” Edul Patel, CEO and Founder, Madrex told Gadgets 360.
Following BTC and ETH, most cryptocurrencies posted minor losses on Wednesday, according to Gadgets 360’s crypto price tracker,
it is included binance coin, cardano, dog coin, polygon, solanaAnd polka dot,
tron, Litecoin, Shiba Inu, avalancheAnd chain link Also compromised with the loss.
Despite Litecoin registering small dips, the activities surrounding the cryptocurrency have picked up pace.
“Investor enthusiasm about crypto remains subdued amid uncertainty surrounding inflation and rate hikes in the United States. The congestion of the bitcoin network contributed to the increase in transactions on litecoin. The Memecoin discussion adds to the new chain of activity on the Litecoin network,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.
The overall crypto market gained 0.12 percent in the last 24 hours. Global crypto market cap, by coinmarket capwas $1.14 trillion (roughly Rs. 93,78,421 crores) as of Wednesday.
Only a few cryptocurrencies are profitable today. These include stable coins lanyard, usd coinAnd binance usd,
Leo, flex, omen, documentaryAnd bitcoin hedge also edged up with modest gains.
“On the positive side, a new hosted fiat-to-crypto onramp is launching soon to make digital asset purchases easier. The move is expected to benefit Web3 companies, who can direct their US-based customers to the link without requiring any access codes,” the research team at CoinDCX told Gadgets 360.
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