Bitcoin Trades at Over $27,000, Ether Joins Majority Altcoins in Registering Profits

With a miniscule gain of 0.50 percent, Bitcoin stepped into the market charts today at the price point of $27,082 (roughly Rs. 22.3 lakh).

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 17 May 2023 11:34 IST

Bitcoin Trades at Over $27,000, Ether Joins Majority Altcoins in Registering Profits

Photo Credit: Pixabay/ Petre Barlea

The overall valuation of the crypto sector stood at $1.13 trillion as of May 17

Highlights

Stablecoins recorded gains
DOGE, SHIB saw profits
Braintrust, Circuits of Value saw losses

Majority cryptocurrencies managed to record small profits on the crypto charts on Wednesday, May 17. Bitcoin did manage to maintain its value above the mark of $27,180 on Wednesday, after days of trading lowly on both, national as well as international exchanges. With a miniscule gain of 0.50 percent, Bitcoin stepped into the market charts today at the price point of $27,082 (roughly Rs. 22.3 lakh). Industry insiders believe that investors monitoring the debt ceiling negotiations could be the ones pulling away any form of risky investments for now, causing this dip in BTC price.

“Investors are monitoring debt ceiling negotiations. Resolving the issue may bolster Bitcoin as a hedge in the macroeconomic landscape. The rising debt ceiling would benefit risk assets, safeguarding wealth for market participants,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.

Ethereum bagged 0.81 percent in gains to trade at $1,823 (roughly Rs. 1.50 lakh). The second most expensive cryptocurrency after Bitcoin, Ether, rose by $14 (roughly Rs. 1,152) in the last 24 hours.

Large Withdrawals by Crypto Whales Blamed for US Banking Crisis

Speaking to Gadgets 360, the research team of CoinDCX noted that the once strong correlation between BTC and ETH has shown signs of weakening in the current year.

“This indicates at an impending shift in the market dynamics. Recent data reveals that the 30-day rolling correlation between BTC and ETH prices dropped to 77 percent, the lowest since 2021 and significantly weaker than the 96 percent observed just two months ago. This divergence suggests that the relationship between these two are evolving, signalling a potential regime change in the crypto market,” the CoinDCX team said. This decreased correlation is expected to stimulate greater trading activity within Bitcoin and Ethereum pairs going forward.

Stablecoins Tether, USD Coin, Ripple, and Binance USD tagged behind BTC and ETH to record small profits.

How Apple’s Purported Mixed Reality Headset Could Boost Metaverse Tokens

Conventionally popular cryptocurrencies like Binance Coin, Cardano, Dogecoin, Solana, Polygon, Litecoin, Polkadot, and Tron among others also managed to see minor price hikes.

The overall crypto market rose by 0.44 percent in the last 24 hours, taking the sector valuation to $1.13 trillion (roughly Rs. 93,23,054 crore) as per CoinMarketCap.

Only a small number of cryptocurrencies settled with losses. These include Leo, Bitcoin Cash, Cronos, Elrond, Bitcoin SV, Braintrust, and Circuits of Value.

In another major update from the crypto world, the European Union states have given the final nod to the world's first comprehensive set of rules to regulate crypto-assets called MiCA. An EU finance minister meeting in Brussels approved rules that were thrashed out with the European Parliament, which gave its approval in April.

The passing of the MiCA legislation in the EU does intensify the pressure on other nations including India, that are still in the process of framing their crypto laws.

Google I/O 2023 saw the search giant repeatedly tell us that it cares about AI, alongside the launch of its first foldable phone and Pixel-branded tablet. This year, the company is going to supercharge its apps, services, and Android operating system with AI technology. We discuss this and more 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 X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

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

Radhika Parashar

Email Radhika

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