On Monday, May 27, Bitcoin experienced a modest gain of about one percent. At the time of writing, BTC was trading at $72,034 (approximately 59.8 lakh rupees) on Indian exchanges like WazirX. Internationally, Bitcoin was priced slightly lower at $68,772 (approximately 57 lakh rupees). According to market analysts, BTC showed a neutral performance on the price chart following the US approval of ETFs for Ether last week on May 24.
Ether outperformed Bitcoin in terms of gains over the weekend. ETH, the second most valuable cryptocurrency after BTC, is currently trading at $3,911 (approximately Rs. 3.24 lakh) on foreign exchanges after a 2.54 percent price increase. Meanwhile, on Indian exchanges, ETH is priced around $4,128 (approximately 3.42 lakh rupees).
“ETH has recorded its highest weekly performance, mainly due to the approval of the ETH ETF. Many expected a sell-off following the news of the approval, but ETH remained stable, which is a positive sign. The approval of the ETH ETF is bullish for ETH in the long term. To signal a strong rally, ETH needs to surpass the key level of $4,000 (approximately Rs. 3 lakh),” said a market analyst.
Alongside BTC and ETH in the green on Monday’s cryptocurrency chart are Tether, Binance Coin, Cardano, Polkadot, Uniswap, and Cosmos.
The overall crypto market capitalization increased by 0.68 percent in the last 24 hours. The current crypto market cap stands at $2.58 trillion (approximately Rs. 2,14,27,183 crore), according to CoinMarketCap. As of Monday, Bitcoin and Ether’s market dominance are 52.5 percent and 18.3 percent, respectively.
Despite the boost the crypto sector received from the ETH ETF approvals in the US, some altcoins suffered losses over the weekend. These include Solana and Ripple.
Dogecoin and Shiba Inu faced losses again after seeing a slight increase on May 24, which was recorded due to Elon Musk tweeting about the passing of Kabosu, the dog that inspired both tokens.
Avalanche, Chainlink, Near Protocol, Polygon, Litecoin, Leo, Cronos, and Stellar are also trading at a loss as of Monday.