Bitcoin Shows Minor Dip as Crypto Market Sees Mixed Performance
On Wednesday, May 8, Bitcoin experienced a slight decline of 1.45 percent in the last 24 hours. The leading cryptocurrency, trading at $66,695 (roughly Rs. 55.6 lakh) on Indian exchanges like CoinSwitch, is facing resistance at the $64,500 (roughly Rs. 53.8 lakh) level. Notably, Bitcoin reached a significant milestone this week by reaching over one billion transactions since its inception in 2015.
Ether, the second most popular cryptocurrency, has been outperforming Bitcoin recently. Currently priced at $3,194 (roughly Rs. 2.66 lakh), ETH saw a minor loss of 1.78 percent. On international exchanges like CoinMarketCap, Ether is valued at $3,009 (roughly Rs. 2.51 lakh).
Major Cryptocurrencies Reflect Mixed Results
Several major cryptocurrencies experienced losses on Wednesday. This includes Solana, Ripple, Dogecoin, Cardano, Polkadot, Chainlink, Shiba Inu, Avalanche, Bitcoin Cash, Polygon, Uniswap, Cosmos, Cronos, and Stellar.
Shiba Inu showed bullish signs amidst expectations of a sell-off with price increases. Cardano remains strong despite a cooling period, with a solid support zone according to Rajagopal Menon, Vice President of WazirX.
The overall crypto market cap decreased by 0.76 percent, reaching $2.31 trillion (roughly Rs. 1,92,87,044 crore) as per CoinMarketCap data. Profit-making cryptocurrencies included Binance Coin, Tron, Near Protocol, Litecoin, and Leo.
Disclaimer and Market Risks
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Overall, the cryptocurrency market showed mixed performance, with some assets experiencing losses while others saw gains. It is essential for investors to stay informed about market trends and seek professional advice before making investment decisions in the volatile crypto space.
For more information on the latest cryptocurrency news and updates, visit reputable sources like CoinMarketCap and Gadgets360.
