The crypto price charts are flashing a bold green colour next to majority altcoins, indicating at profits. Bitcoin stepped into the new week on June 6 with substantial gains of 4.25 percent. As per Indian exchange CoinSwitch Kuber, BTC is currently trading close to $32,707 (roughly Rs. 25 lakh). Bitcoin followed a similar pattern in its market movement worldwide as well. Binance and CoinMarketCap among other international crypto exchanges are showing gains of over 4.83 percent against its current value of $31,154 (roughly Rs. 24 lakh).
Ether, the second most valued cryptocurrency by market cap after BTC, also treaded lightly on the gain trail. With a value hike of 4.25 percent, ETH is trading at $1,969 (roughly Rs. 1.5 lakh), as per the crypto price tracker of Gadgets 360.
Majority altcoins, in fact, have started the week with profits. The development comes after weeks of low market movement that followed the crash of Terra.
With a small hike of 1.76 percent Dogecoin’s current price stands close to $0.087 (roughly Rs. 7). On the other hand, Shiba Inu also saw a minor increment of 1.91 percent, that took its value to $0.000012 (roughly Rs. 0.000907).
While several cryptocurrencies did show greens next to their respective names, it is notable that most of these gains were miniscule.
Talking to Gadgets 360, Edul Patel, the CEO of Mudrex crypto investment platform said that the rather lacklustre market climate indicates towards a low-risk appetite among crypto traders.
“Bitcoin has been struggling to break over the $31,000 (roughly Rs. 24 lakh) level. The market and investors have not yet recovered from the recent crash. So, for a few more days, the growth of BTC and other cryptocurrencies could be limited. On the other hand, when compared to BTC, Ethereum is not performing well. So, if bulls can defend ETH at its support levels it may stay there, if not, bears may likely explore lower levels,” said Patel.
The development is backed by the sharp drop of the dollar index in recent days, after Federal Reserve Chairman Jerome Powell reportedly said that the 50 basis point rate hike should be on the table for the next couple of meetings.
As of now, the current market cap of the crypto industry stands at $1.28 trillion (roughly Rs. 99,41,015 crore) as per CoinMarketCap.
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.