BTC Value Lingers Around $38,000 Internationally, Most Cryptocurrencies Step into May with Profits

Towards the end of April, Bitcoin values fell from the mark of $40,000 (roughly Rs. 30.5 lakh).

BTC Value Lingers Around $38,000 Internationally, Most Cryptocurrencies Step into May with Profits

Photo Credit: Pixabay/ Sergei Tokmakov

Currently, crypto market cap is at $1.75 trillion (roughly Rs. 1,33,96,199 crore)

Highlights
  • Dogecoin, Shiba Inu saw gains
  • Cosmos was dented with losses
  • Overall crypto market cap down

The month of April proved to be one full of twists and turns for the crypto sector. Stepping into May, majority cryptocurrencies reflected greens next to their values, indicating at profits. On Monday, May 2, Bitcoin prices climbed by 0.87 percent to reach $41,262 (roughly Rs. 31.5 lakh) as per Indian exchange CoinSwitch Kuber. Profits also touched Bitcoin on international exchanges. As per Binance and Coinbase, BTC rose by over 1.60 percent bringing its value to $38,727 (roughly Rs. 29.5 lakh). Towards the end of April, Bitcoin values fell from the mark of $40,000 (roughly Rs. 30.5 lakh) that it had been maintaining in the first half of April, owing to market fluctuations and global economic instability.

Ether saw slightly bigger gains that Bitcoin in India. With a profit of 1.08 percent, ETH value stands at $3,074 (roughly Rs. 2.35 lakh) as per Gadgets 360's crypto price tracker. On international exchanges, ETH is up by over 2.25 percent bringing its prices to around $2,838 (roughly Rs. 2.15 lakh). The world's second most valuable cryptocurrency is currently far from its last all-time-high of around $3,800 (roughly Rs. 3 lakh) that it touched last year.

With the exception of Binance USD, Cosmos, and ZCash, majority cryptocurrencies bulked up as per the price charts.

Binance Coin, USD Coin, Solana, Ripple, and Cardano emerged among gainers.

After days of incurring losses, Dogecoin and Shiba Inu also roped-in profits.

Overall, the total market cap of the crypto industry tumbled down in the final leg of April. Currently, crypto market cap is at $1.75 trillion (roughly Rs. 1,33,96,199 crore) as per CoinMarketCap. On April 28, the figure was at $1.80 trillion (roughly Rs. 1,37,88,016 crore).

Back in March, the market cap of the overall crypto industry had touched $2 trillion (roughly Rs. 1,52,39,826 crore)-mark for the first time in 2022.

Owing to the ongoing Ukraine-Russia war, the fourth wave of COVID-19 affecting nations like China, and recession-like economic climate swirling over the US — investments from high-risk crypto assets dwindled significantly.

Institutional investments in crypto, however, have continued to pour in.

Last week, Dragonfly Capital, for instance, raised $650 million (roughly Rs. 4,975 crore) to back crypto firms and projects that show promise and potential.

A report from the Wall Street Journal shows blockchain and crypto startups raised $9.2 billion (roughly Rs. 70,435 crore) in the first quarter of 2022.


Xiaomi 12 Pro is littered with features, but is that enough? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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

Affiliate links may be automatically generated - see our ethics statement for details.

Cryptocurrency Prices across Indian exchanges

Comments

For the latest tech news and reviews, follow Gadgets 360 on Twitter, Facebook, and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel.

Radhika Parashar
Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More
Amazon, Union Group Said to Face Off in a Rematch Election in New York
Read in: हिंदी
Share on Facebook Tweet Snapchat Share Reddit Comment google-newsGoogle News

Advertisement

Follow Us

Advertisement

© Copyright Red Pixels Ventures Limited 2022. All rights reserved.