Today’s Cryptocurrency Prices: Bitcoin Remains Over $60,000 as Ether and Shiba Inu Experience Declines

Throughout the weekend, stability characterized the digital currency domain, with Bitcoin opening the week on May 6, holding its ground at an exchange rate of $59,615 (approximately Rs. 49.7 lakh) in India, after recording a minimal uptick of 0.46 percent. The past two days have witnessed Bitcoin appreciate by $1,925 (around Rs. 1.60 lakh). On global trading platforms such as CoinMarketCap, the cryptocurrency is listed at a higher rate of $63,840 (approx Rs. 53.2 lakh).

“Following a less robust U.S. employment report for April, we’ve seen Bitcoin’s value climb. In addition, the Bitcoin network has proudly handled over a billion transactions, a significant achievement since the digital currency’s inception. It is anticipated that Bitcoin’s trading range for the upcoming week could span from $62,000 to $66,000,” reported Edul Patel, the Chief Executive Officer at Mudrex, in a conversation with Gadgets360.

Accompanying Bitcoin in profitability as of Monday were several alternative cryptocurrencies. Notable gainers included Binance Coin, Ripple, Dogecoin, Cardano, Polkadot, and Chainlink.

Additional cryptocurrencies that enjoyed an uplift in value include Near Protocol, Polygon, Leo, Uniswap, Cosmos, Cronos, Stellar, and Monero.

With a 1.14 percent expansion over the preceding 24 hours, the aggregate capitalization of the cryptocurrency market now reaches a formidable $2.36 trillion (around Rs. 1,96,97,256 crore), as per data from CoinMarketCap.

“Present market movements reflect an equilibrium in price adjustments and liquidations, indicative of a stabilizing market. A majority of the top ten cryptocurrencies by market cap are charting gains. In a decelerating economic landscape, expectations are for a descent in inflation that may lead to reduced interest rates,” the article explained.

Ether experienced a dip of 1.20 percent on Monday. At the moment of reporting, Ether’s trading value stood at $2,970 (approximately Rs. 2.48 lakh). Over the weekend, it registered a surge near $70 (around Rs. 5,845).

“Ethereum has demonstrated relative price stability with a meager retreat of 0.08 percent, arriving at a valuation of $3,137 (about Rs. 2.60 lakh). Despite a contraction in trade volumes, market sentiment for Ethereum remains optimistic. The token’s present price outshines its 200-day Exponential Moving Average, suggesting a positive momentum in the long-run,” remarked Rajagopal Menon, Vice President of WazirX during a conversation with Gadgets360.

Digital currencies such as Tether, Solana, Shiba Inu, Avalanche, Tron, Litecoin, and Bitcoin Cash reported downtrends.

In another development, Grayscale Bitcoin Trust (GBTC), the top bitcoin ETF by assets under management, observed an influx of investor capital over the last weekend, marking its initial daily positive flux since its commencement in January.

Cryptocurrency is a digital asset without regulation, not legally recognized as tender, and holds inherent market risks. The insights provided here do not amount to financial counsel, trading advice, or any formal endorsement by NDTV. NDTV bears no liability for any financial consequences resulting from investment activities based upon any opinion, forecast, or information included in this text.