Crypto Market Watch: Bitcoin, Ether See Minor Losses in Volatile Market; Stablecoins Stay Resilient

The crypto market has remained consistently volatile for some days now, pushing most cryptocurrencies under the sector current. Bitcoin on Wednesday, May 31, saw a loss of 0.62 percent to trade at $27,623 (roughly Rs. 22.8 lakh). This range-bound movement from Bitcoin has remained slow for the last two weeks at least, on both national as well as international exchanges. The value of Bitcoin dropped by $92 (roughly Rs. 7,607) over the last 24 hours.

“BTC has displayed resilience by bouncing back from this important support level, indicating a restoration of its positive momentum. As long as Bitcoin maintains its position above $27,480 (roughly Rs. 22.7 lakh) level, there is a potential for further upward movement, with the next resistance level expected to be around $28,000 (roughly Rs. 23 lakh),” the CoinDCX team told Gadgets 360, commenting on Bitcoin's market movement.

Ether dropped by 0.98 percent to trade at $1,878 (roughly Rs. 1.55 lakh), showed the crypto price tracker by Gadgets 360 on Wednesday. The second-most expensive cryptocurrency after Bitcoin, ETH has slipped price-wise by $17 (roughly Rs. 1,405).

“Ethereum held on exchanges has reached a low-point that it hadn't since July 2016, as more and more ETH is being staked. This decline in exchange balances coincides with a surge in staked Ether. Generally, lower exchange balances indicate a bullish market sentiment because it implies limited availability of ether for purchase, thus exerting upward pressure on prices,” the CoinDCX team noted.

With BTC and ETH, both trading in losses, a bunch of altcoins reflected price slips on the chart.

These include Binance Coin, Cardano, Dogecoin, Polygon, Polkadot, and Shiba Inu.

Minor price drops were also incurred by Avalanche, Chainlink, Leo, and Cosmos.

The valuation of the overall crypto sector dropped by 1.32 percent in the last 24 hours. At the time of writing, the crypto market cap stood at $1.14 trillion (roughly Rs. 94,26,754 crore), showed the data by CoinMarketCap.

Stablecoins managed to reflect greens on the price chart. These include Tether, USD Coin, and Ripple.

Solana, Tron, Litecoin, Uniswap, Stellar, EOS Coin, and Elrond also minted small gains.

“The prospective debt ceiling agreement fuelled these minor rallies. Asian regulations and Erdogan's re-election could further energise the market,” Rajagopal Menon, Vice President, WazirX, told Gadgets 360.