Bitcoin is trading at $103,890 (roughly Rs. 88 lakh) on international exchanges.
The crypto market cap is fluctuating between $3.33 trillion and $3.49 trillion
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Bitcoin on Monday, May 12, reflected a miniscule loss of 0.15 percent to trade at $103,890 (roughly Rs. 88 lakh) on international exchanges. Over the weekend, US President Donald Trump announced a “total reset” in US-China trade relations following high-level talks in Geneva. The crypto market reacted to the development with optimism. Bitcoin maintained its pricing around $102,544 (roughly Rs. 86.8 lakh) on Indian exchanges, as well, despite a minor dip of under one percent.
“The markets remain optimistic about the US-China trade deal. BTC is showing strong bullish momentum at current levels. On-chain data reveals nearly 350,000 new BTC wallets have been created in a day, indicating rising retail interest and fresh liquidity. Bitcoin now faces resistance at $105,100 (roughly Rs. 89 lakh) with support at $102,200 (roughly Rs. 86.4 lakh),” Alankar Saxena, co-founder and CTO of Mudrex, told Gadgets 360.
Ether showed a small loss of 0.46 percent to trade at $2,500 (roughly Rs. 2.11 lakh) on global platforms on Monday. This is the first time in over three months that Ether has managed to breach this price mark. On Indian exchanges, ETH is trading at $2,472 (roughly Rs. 2.09 lakh).
“The performance of ETH and ETH-based projects signals deepening market confidence and increased capital rotation into Ethereum's expanding ecosystem. Projects tied to the Ethereum ecosystem have shown exceptional strength, like Arbitrum as a key Layer-2 solution, Gala leveraging its L1, and Ethena offering synthetic dollar instruments on Ethereum,” said Himanshu Maradiya, founder and chairman, CIFDAQ exchange.
Altcoins show a mixed price movement on Monday. While most of them rose in their respective values over the weekend, several altcoins did reflect minor price dips on Monday.
These include Binance Coin, Dogecoin, Cardano, Tron, and Shiba Inu.
Litecoin, Cronos, Bitcoin SV, and Underdog logged small losses on the price charts, too.
The crypto market cap is fluctuating within the range of $3.33 trillion (roughly Rs. 2,82,00,887 crore) and $3.49 trillion (roughly Rs. 2,95,55,885 crore). Over the last 24 hours, the valuation fell by 0.29 percent, according to CoinMarketCap.
“The total crypto market cap climbed to $3.49 trillion (roughly Rs. 2,95,55,885 crore), its highest level since February. However, with the Relative Strength Index (RSI) entering overbought territory, a short-term correction or consolidation could be on the horizon,” the CoinSwitch Markets Desk told Gadgets 360.
Meanwhile, Solana joined Avalanche, Bitcoin Cash, Polkadot, Leo, and Monero in managing to reflect small gains on Monday.
Market analysts have advised the investor community to make informed decisions as market may see volatility owing to the ongoing geo-political tensions between India-Pakistan and Israel-Yemen.
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.
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