Bitcoin Maintains Pricing Above $60,000, Volatility Pushes Most Altcoins to Losses

The crypto price chart reflected volatility with most altcoins trading in losses on Monday, May 13. Stepping into the third week of this month, Bitcoin saw its trading value remaining close to the mark of $60,000 (roughly Rs. 50 lakh). On Indian exchanges like WazirX, CoinDCX, and CoinSwitch, Bitcoin is trading at $65,477 (roughly Rs. 54 lakh) after seeing a minor gain of 0.78 percent. Internationally, BTC is trading at $60,999 (roughly Rs. 50.9 lakh) on exchanges like Binance, Coinbase, and CoinMarketCap.

“Over the weekend, the crypto market maintained a sideways trend, with BTC consolidating within its range. Despite the lack of significant price movement, there were notable developments in traditional finance companies adopting Bitcoin. Both JPMorgan Chase and Wells Fargo disclosed exposure to spot Bitcoin exchange-traded funds in their recent filing with the US SEC. Although their Bitcoin allocation remains small, it signals a positive step towards mainstream adoption, which bodes well for the crypto market,” the CoinDCX research team told Gadgets360.

Ether showed a slight price dip on Monday. The second most popular asset on the crypto chart, ETH recorded a loss of 1.43 percent to trade at $3,119 (roughly Rs. 2.60 lakh) on Indian exchanges like CoinDCX. Internationally, the asset is priced somewhere around $2,883 (roughly Rs. 2.40 lakh).

Most of the popular cryptocurrencies, as of May 13, are trading in the reds. These include Ripple, Dogecoin, Cardano, Polkadot, and Chainlink.

Among other cryptocurrencies that reflected losses, Near Protocol, Polygon, Leo, Uniswap, Cosmos, Cronos, Stellar, and Monero also marked their names.

“The crypto market seems to be in a lull, with many major cryptos consolidating for the last few weeks. Top cryptos by market cap were rangebound over the weekend. However, the investor interest continues to stay positive, with the index still in the greed zone,” Parth Chaturvedi, Investments Head, CoinSwitch Ventures told Gadgets360, commenting on the market situation.

Only a small number of cryptocurrencies recorded gains on Monday. These include Tether, Iota, Augur, Dogefi, and Bitcoin Hedge.

This week's announcements on CPI and PPI could introduce volatility to the market, given the current high correlation between US macroeconomic indicators and cryptocurrencies. In the last 24 hours, the valuation of the crypto market dipped by 1.26 percent to claim the spot at $2.23 trillion (roughly Rs. 1,86,27,045 crore), showed CoinMarketCap.

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