Bitcoin is trading near $95,000, and as the market consolidates, the prices of most altcoins are declining.
After a difficult April, the cryptocurrency market appears to be stabilizing, albeit still at a slower pace. According to analysts who spoke to Gadgets 360, the markets are beginning to consolidate as May approaches. Bitcoin saw a slight decrease in value of 0.17 percent on Thursday, May 1, trading at $94,920 (about Rs. 80 lakh) on global exchanges. Bitcoin saw a one percent decline on Indian markets as well, trading around $95,400 (about Rs. 80.7 lakh).
“Continued inflows into Bitcoin ETFs and growing whale accumulation drove Bitcoin’s strong resilience at lower levels.” Notably, Bitcoin’s weekly volatility has decreased to a 563-day low, according to K33 Research, confirming its maturing status as a global financial asset. While support has returned to $93,000, or roughly Rs. 78.6 lakh, Bitcoin is still encountering resistance above the $95,500 (approximately Rs. 80.8 lakh) zone, Alankar Saxena, co-founder and CTO of Mudrex, told Gadgets 360.
Ether’s price increased by a little 0.31 percent on global exchanges. According to data from CoinMarketCap, ETH is currently trading at $1,810, or around Rs. 1.53 lakh. The asset trades at $1,824 (around Rs. 1.53 lakh) on Indian marketplaces.
Depending on how the market develops in the future, Ethereum may be preparing to shift dominance as it consolidates. Overall, according to Avinash Shekhar, co-founder and CEO of Pi42, the cryptocurrency community is feeling optimistic, who spoke to Gadgets 360.
Most altcoins were trading red on Thursday, according to the cryptocurrency price tracker.
These consist of Chainlink, Dogecoin, Binance Coin, Ripple, Solana, and Cardano.
Over the past day, the total value of the cryptocurrency market has decreased by 0.26 percent. According to CoinMarketCap, the sector is now valued at $2.96 trillion, or around Rs. 2,50,51,499 crore.
The few cryptocurrency assets that did manage to cling onto their meager gains on Thursday were Leo, Monero, Floki Inu, and Zcash.
Disadvantageous US economic data contributed to a decline in the bitcoin market. “Bitcoin briefly surpassed $95,000 but retracted after reports of a negative first-quarter GDP and weaker-than-expected employment data signaling stagflation concerns,” the CoinSwitch Markets Desk told Gadgets 360, cautioning investors to exercise caution while making financial decisions.
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