Crypto Market Today: Bitcoin Posts Smaller Gains, Most Altcoins Reflect Profits

The crypto chart reflected more gains than price drops on Friday, May 10. Bitcoin registered a small price increase of 2.03%, trading at $66,115 (roughly Rs. 55.2 lakh) on Indian exchanges like CoinSwitch. Meanwhile, on international exchanges, the asset is trading at a slightly lower price of $62,879 (roughly Rs. 52.5 lakh). In recent days, Bitcoin has maintained its value in the same range. Market analysts have pointed out that technical indicators like the RSI suggest a potential drop back to $60,000 (roughly Rs. 50 lakh) for BTC in the coming days.

“This could be the beginning of BTC’s recovery wave, but bears could remain active near the $63,200 (roughly Rs. 52.7 lakh) resistance zone,” said Parth Chaturvedi, Investment Lead at CoinSwitch Ventures , to Gadgets360.

Ether has joined Bitcoin on the green side of the crypto charts. In India, ETH is trading at $2,994 (roughly Rs. 2.50 lakh). On the other hand, Ether is trading at 3,045 (roughly Rs. 2.54 lakh) on international exchanges like CoinMarketCap.

“This is becoming a notable level for the token to act as both support and resistance. Predictions of a market surge cannot be ruled out for Ethereum. However, with multiple factors at play in the market, a disruptive move in either direction could be imminent,” Rajagopal Menon, vice president at WazirX, told Gadgets360.

Most popular cryptocurrencies posted profits on Thursday. These include Binance Coin, Solana, Dogecoin, Cardano, Shiba Inu, Avalanche, TronIt is Polka dot.

“In the universe of meme coins, DOGE (+2.5%) was the exception. Additionally, VanEck’s MarketVector launched a new memecoin index, tracking the biggest meme coins, including DOGE, SHIB, FLOKI, WIF, and BONK. The index increases 195% annually,” Chaturvedi added as part of his analysis.

Loss-making cryptocurrencies, on the other hand, included Curling, Cosmos, UnderdogIt is Baby Dogecoin.

The overall crypto market valuation has increased by 2.24% in the last 24 hours. At the time of writing, the sector’s valuation was 2.33 trillion dollars (about Rs 1,94,54,160 crore), according to CoinMarketCap.

Giving a general perspective, Sanction, an on-chain analytics firm, highlighted that investor sentiment towards major cryptocurrencies was still negative. He further added that the climate has changed drastically since the Bitcoin halving, before which an overt “greed” sentiment dominated the market.

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