Bitcoin Price Around $27,000, Ether Joins Dogecoin, Solana in Recording Losses

Bitcoin dropped by 0.73 percent to trade at $27,710 (roughly Rs. 22.7 lakh) on the price chart.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 10 May 2023 10:41 IST

Bitcoin Price Around $27,000, Ether Joins Dogecoin, Solana in Recording Losses

Photo Credit: Unsplash/ Raphael Wild

The global crypto market cap stands at $1.14 trillion as of May 10

Highlights

Cardano saw losses
Shiba Inu also affected by price dips
Stablecoins recorded profits

Bitcoin on Wednesday, May 10, recorded a small loss that showed its impact on the trading values of majority other cryptocurrencies. The most valued cryptocurrency dropped by 0.73 percent to trade at $27,710 (roughly Rs. 22.7 lakh) on the price chart. This is the third day that Bitcoin has maintained its pricing within the range of $27,000 (roughly Rs. 22 lakh)-$28,000 (roughly Rs. 22.9 lakh). Despite Bitcoin's ongoing downtrend, active addresses for the cryptocurrency soared to a new record of nearly 1.3 million, indicating a growing traction among retail users and institutions.

Ether dipped by 0.53 percent on Wednesday, following Bitcoin's market trajectory. The second-most valued cryptocurrency stood at the price point of $1,845 (roughly Rs. 1.5 lakh) at the time of writing. Despite the value fluctuations, there has been a surge in retail interest in Ethereum. Recently, the number of ETH addresses holding 0.1+ coins reached a four-month-high of 5,194,526. In addition, the total Ethereum staking deposits have exceeded withdrawals since the Shanghai upgrade with liquid staking protocols being the major gainers, as per the data by DeFillama

“Bitcoin traded sideways over the last 24 hours. The price of BTC has started to recover due to a decrease in blockchain congestion. Meanwhile, investors are eagerly awaiting the release of CPI inflation data today. BTC is currently being traded at the $27,600 (roughly Rs. 336) level, but is facing resistance near the $28,000 (roughly Rs. 341) zone. Ethereum, the second largest cryptocurrency, has been trading flat at the $1,840 (roughly Rs. 1.5 lakh) level,” Edul Patel, the CEO and founder of Mudrex told Gadgets 360.

Binance Crypto Exchange Resumes Bitcoin Withdrawals After Second Pause

Following BTC and ETH, most cryptocurrencies recorded small losses on Wednesday as per Gadgets 360's crypto price tracker.

These include Binance Coin, Cardano, Dogecoin, Polygon, Solana, and Polkadot.

Tron, Litecoin, Shiba Inu, Avalanche, and Chainlink also settled with losses.

Coinbase Crypto Exchange Posts Smaller Q1 2023 Loss After Costs Cuts

Despite Litecoin recording small dips, activities around the cryptocurrency have picked up pace.

“Investors continue to be bullish about Crypto amidst uncertainty around inflation and rate hikes in the USA. The Bitcoin network congestion contributed to a surge in transactions on Litecoin. The memecoin buzz added to the new series of activities on the Litecoin network,” Rajagopal Menon, Vice President, WazirX told Gadgets 360.

The overall crypto market rose by 0.12 percent in the last 24 hours. The global crypto market cap, as per CoinMarketCap, stands at $1.14 trillion (roughly Rs. 93,78,421 crore) as of Wednesday.

Only a small number of cryptocurrencies reeled-in profits today. These include stablecoins Tether, USD Coin, and Binance USD.

Leo, Flex, Augur, Dogefi, and Bitcoin Hedge also spiked with minor profits.

“On the positive side, a new hosted fiat-to-crypto onramp to make digital asset purchases easier is soon launching. The move is expected to benefit Web3 companies, which can direct their US-based customers to the link without the need for any access code,” the research team at CoinDCX told Gadgets 360.

OnePlus recently launched its first tablet in India, the OnePlus Pad, which is only sold in a Halo Green colour option. With this tablet, OnePlus has stepped into a new territory that's dominated by Apple's iPad. 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