Crypto Market Watch: Bitcoin Trades Above $27,800 With Profits; Ether, Most Altcoins Show Recovery
The crypto price chart, most of which looked red around last Friday, May 26, showed recoveries for most cryptocurrencies on Monday, May 29. Bitcoin, for starters, minted a small profit of 2.43 percent to trade at the price point of $27,856 (roughly Rs. 23 lakh) on both national as well as international exchanges. The most expensive cryptocurrency to exist, Bitcoin’s resistance level currently stands at $28,500 (roughly Rs. 23 lakh) and experts have predicted that if BTC continues to keep its value above this mark, it could show a lasting upward trajectory movement. Over the weekend, Bitcoin grew in value by $2,079 (roughly Rs. 1.71 lakh).
Ether gained 2.44 percent, following Bitcoin to mint minor profits on Monday. At the time of writing, the value of ETH stood at $1,896 (roughly Rs. 1.5 lakh). The second-most expensive cryptocurrency after BTC, ETH grew by $89 (roughly Rs. 7,348) over the weekend.
“The White House has confirmed a successful agreement to mitigate the risk of a debt ceiling crisis causing the market to show a bullish sentiment,” Rajagopal Menon, Vice President, WazirX, told Gadgets 360. The US has reportedly decided to raise its debt ceiling for two years, safeguarding the inflation-ridden country against a historic default.
Binance Coin, Cardano, Dogecoin, Solana, Litecoin, Polkadot, and Tron joined BTC and ETH on the profitable side, the crypto price chart by Gadgets 360 showed.
Chainlink, LEO, Cosmos, and Uniswap also managed to add gains to their credits.
The overall valuation of the crypto market rose by 2.24 percent in the last 24 hours to stand at $1.16 trillion (roughly Rs. 95,92,217 crore) as of May 29, as per CoinMarketCap.
“The release of better-than-expected personal consumption data from the United States is also among reasons why most cryptocurrencies started the new week trading in the greens,” Edul Patel, the CEO of Mudrex crypto investment firm, told Gadgets 360. The Personal Consumption Expenditures (PCE) is a measure of consumer spending on goods and services among US households.
Despite the otherwise upward market momentum, some cryptocurrencies did settle with losses. These include Tether, USD Coin, Polygon, Binance USD, Shiba Inu, and Avalanche.
Stellar and Braintrust also stayed on the loss-making side of the crypto price chart.
“The crypto fear and greed index rose by 4 points over the weekend and now stands at 52 (neutral zone). This could be attributed to the announcement by the White House about a possible deal pertaining to US’s debt ceiling. In token-specific developments, 9.3 million AVAX tokens worth around $130 million (roughly Rs. 1,073 crore) were unlocked on Sunday, increasing the total supply by 1.2 percent. The unlocked tokens, however, won’t be put to use directly and will go to the Avalanche Foundation and other strategic partners,” Parth Chaturvedi, Investments Lead, CoinSwitch Ventures, told Gadgets 360.
Meanwhile, the use cases of blockchain and the overall Web3 technology are being taken up for experimentation by renowned brands, adding to the credibility of the technology.
Formula 1’s leading ticket issuer Platinium Group, for instance, has partnered with a blockchain infrastructure company Elemint and a Web3 agency Bary to release race tickets in the form of NFTs supported on Polygon.
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