Crypto Market Today: Bitcoin Records Minor Gains, Most Altcoins Reflect Profits

Bitcoin is trading at a slightly lower price point of $62,879 (roughly Rs. 52.5 lakh) on international exchanges like CoinMarketCap.

Written by Radhika Parashar, Edited by Manas Mitul | Updated: 10 May 2024 13:23 IST

Crypto Market Today: Bitcoin Records Minor Gains, Most Altcoins Reflect Profits

Photo Credit: Pixabay/ Elvind Pedersen

The overall crypto market cap presently stands at $2.33 trillion

Highlights

Uniswap, Cosmos recorded gains
Leo and Steller are also trading in profits
Losses struck Ripple and Cosmos

The crypto chart reflected more gains than price dips on Friday, May 10. Bitcoin recorded a minor price hike of 2.03 percent to trade at $66,115 (roughly Rs. 55.2 lakh) on Indian exchanges like CoinSwitch. On international exchanges, meanwhile, the asset is trading at a slightly lower price point of $62,879 (roughly Rs. 52.5 lakh). In the last few days, Bitcoin has retained its value in the same bracket. Market analysts have pointed out that technical indicators like the RSI suggest a potential dip back to $60,000 (roughly Rs. 50 lakh) for BTC in the coming days.

“This might be the start of BTC's recovery wave, but the bears might remain active near the $63,200 (roughly Rs. 52.7 lakh) resistance zone,” Parth Chaturvedi, Investments Lead at CoinSwitch Ventures, told Gadgets360.

Ether joined Bitcoin on the green side of the crypto charts. In India, ETH is trading at $2,994 (roughly Rs. 2.50 lakh). On the other hand, Ether is trading at 3,045 (roughly Rs. 2.54 lakh) on international exchanges like CoinMarketCap.

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“This is becoming a notable level for the token acting as both support and resistance. Predictions of a market surge cannot be ruled out for Ethereum. However, with various factors at play in the market, a breakout move in either direction might be imminent,” Rajagopal Menon, Vice President, WazirX, told Gadgets360.

Most of the popular cryptocurrencies recorded profits on Thursday. These include Binance Coin, Solana, Dogecoin, Cardano, Shiba Inu, Avalanche, Tron, and Polkadot.

“In the meme coin universe, DOGE (+2.5 percent) was the outlier. Additionally, VanEck's MarketVector has launched a new memecoin index, tracking the largest meme coins including DOGE, SHIB, FLOKI, WIF, and BONK. The index is up 195 percent on a yearly basis,” Chaturvedi added as part of his analysis.

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Loss-making cryptocurrencies, on the other hand, included Ripple, Cosmos, Underdog, and Baby Dogecoin.

The overall crypto market valuation has risen by 2.24 percent in the last 24 hours. At the time of writing, the sector valuation stood at $2.33 trillion (roughly Rs. 1,94,54,160 crore) as per CoinMarketCap.

Giving a general perspective, Santiment, an on-chain analytics firm, underlined that investor sentiment toward leading cryptos was still negative. It further added that the mood had dramatically shifted since Bitcoin's halving event, before which an overtly ‘greed' sentiment dominated the market.

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Cryptocurrency Prices across Indian exchanges

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Further reading: Cryptocurrency, Bitcoin, Ether, Qutm, Wrapped Bitcoin, Zcash, Tether, USD Coin, Ripple, Binance USD, Binance Coin, Cardano, Polygon, Solana, Polkadot, Dogecoin, Shiba Inu, Litecoin, Uniswap, Tron, Monero, Dash, Bitcoin Cash, Flex, Cartesi, Braintrust, Kishu Inu, Circuits of Value

Radhika Parashar

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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