BTC, ETH Join Majority Altcoins in Reaping Profits, Stablecoins Struggle
Crypto investors may heave a sigh of relief, as the majority of cryptocurrencies have begun seeing more gains than losses again, as May draws closer to its end. Bitcoin saw a growth of 3.56 percent to reach a price of $31, 727 (roughly Rs. 24.5 lakh) on Monday, May 30, as per Indian exchange CoinSwitch Kuber. In a rather unconventional behaviour, Bitcoin roped-in even bigger gains on international exchanges. Binance and Coinbase recorded BTC growth of up to 4.70 percent. The oldest cryptocurrency is currently trading at around $30,337 (roughly Rs. 23.5 lakh) on a global level.
Ethereum recorded a similar upward movement towards profit on crypto charts. With a gain of 4.33 percent, ETH value hovered around a relatively low point of $1,962 (roughly Rs. 1.50 lakh), showed the crypto price tracker of Gadgets 360.
Binance Coin, Cardano, Solana, Polkadot, and Avalanche joined BTC and ETH on the gain-trail.
Shiba Inu and Dogecoin rose in value by 8.58 percent and 2.77 percent respectively. While each DOGE is priced $0.088 (roughly Rs. 6.85), each SHIB token is trading at $0.000012 (roughly Rs. 0.000950).
Despite the significant profits that the majority of cryptocurrencies opened trading with today, several of them are not soaring as high as they have in the past in the market.
“Global growth concerns spurred by rising interest rates and supply chain disruptions were the dominant themes within investor narratives, with many leaning towards capital preservation during these volatile times. Appetite for risk assets continued to fall with Asia-based tech stocks seeing a capital flight of $63 billion (roughly Rs. 4,88,404 crore) this year. Crypto assets which typically have a high correlation with tech stocks also plummeted,” the research team at CoinDCX crypto exchange told Gadgets 360.
At the time of writing, stablecoins pegged to the US dollar such as Tether, USD Coin, and Binance USD were trading in losses.
The total market cap of the crypto sector currently stands at $1.25 trillion (roughly Rs. 97,50,067 crore), as per CoinMarketCap.
“We remain optimistic on crypto’s longer term growth trajectory, and the immense potential it has to revolutionize the way we live, work, and play,” the CoinDCX team added.
Meanwhile, the Terraform Labs launched its new blockchain over the weekend called Terra Classic. Due to the de-pegging of the former Terra blockchain, LUNA, its native token, is currently witnessing extreme fluctuations.
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.
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