On Monday, May 27th, Bitcoin showed a slight increase of around 1%. At the time of writing, BTC was trading at a price of $72,034 (roughly Rs. 59.8 lakh) on Indian exchanges such as WazirX. However, internationally, Bitcoin is trading at a slightly lower price of $68,772 (roughly Rs. 57 lakh). According to market analysts, BTC has performed neutrally on the price charts since the US approved an ETF for Ether on May 24.
Ethereum surpassed Bitcoin in terms of revenue over the weekend. ETH, the second most valuable cryptocurrency after BTC, is currently trading at $3,911 (roughly Rs. 3.24 lakh) on forex after a 2.54% price increase. Meanwhile, on Indian exchanges, the price of ETH is hovering around 4,128 (roughly Rs. 3.42 lakh).
“ETH recorded the highest weekly returns, mainly due to the approval of the ETH ETF. Although many expected a sell-off following the approval news, the fact that ETH is holding steady is a positive sign. Approval of ETH ETF is bullish for ETH in the long term. To signal a strong uptrend, ETH needs to clear the key level of $4,000 (about Rs. 3 lakh).
Joining BTC and ETH in the green portion of Monday’s cryptocurrency chart are Tether, Binance Coin, Cardano, Polkadot, Uniswap, and Cosmos.
The overall cryptocurrency market cap increased by 0.68% in the last 24 hours. According to CoinMarketCap, the current cryptocurrency market capitalization is $2.58 trillion (roughly Rs. 2,14,27,183 crore). As of Monday, Bitcoin and Ethereum’s dominance stood at 52.5% and 18.3%, respectively.
Despite the momentum seen in the cryptocurrency sector following the approval of the ETH ETF in the US, some altcoins suffered losses over the weekend. These include Solana and Ripple.
Dogecoin and Shiba Inu suffered losses again after seeing a slight surge on May 24 when Elon Musk tweeted about the death of Kabosu, the dog that inspired both tokens.
Avalanche, Chainlink, Near Protocol, Polygon, Litecoin, Leo, Cronos, and Stellar are also suffering losses as of Monday.
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