After being red in losses for most of this week, the crypto price charts seem to be jumping back to health at a gradual pace. Bitcoin on Friday, May 20, opened trading at $31,728 (roughly Rs. 24.5 lakh) with minor gains of 2.60 percent as per Indian exchange Coinswitch Kuber. Gains of over three percent also added to Bitcoin values on international exchanges. Its price currently stands around $30,140 (roughly Rs. 23 lakh) on exchanges such as Binance and CoinMarketCap.
Ether followed Bitcoin up the price ladder. ETH saw gains of 2.43 percent that rose its value to $2,124 (roughly Rs. 1.65 lakh), Gadgets 360’s crypto price tracker showed.
As for now, both of the top two cryptocurrencies are a long way from their last All Time Highs of $67,567 (roughly Rs. 52 lakh) and $4,812 (roughly Rs. 3.75 lakh) that they respectively attained in November last year.
Meanwhile, other altcoins that kickstarted the weekend with gains include Binance Coin, Ripple, and Polkadot.
Surprisingly, profits also found their way to meme-based Dogecoin and its rival Shiba Inu.
A bunch of stablecoins however, did see small but significant losses. These include Tether, USD Coin, and Binance USD.
In fact, altcoins such as Solana, Avalanche, and Elrond also found themselves affected with minor losses.
Terra, after its recent, rather harrowing downfall from being the eight largest cryptocurrency in terms of market cap, is trading at $0.00014 (roughly Rs. 0.010777).
The overall market cap of the crypto sector stands at $1.27 trillion (roughly Rs. 9,90,70,706 crore) as per CoinMarketCap.
More investments are coming to the crypto sector, despite its recent slowdown.
In a bid to accelerate research and development in this consumer-centric industry, Andreessen Horowitz (a16z) has pledged a fund of $600 million (roughly Rs. 4,661 crore).
In its recent ‘State of Crypto’ report, a16z had acknowledged that the route for growth for the crypto sector is tough. Despite the coming turbulent days, the firm has been opening floodgates of investments in the crypto and blockchain-based sectors.
Meta has also filed for a patent to operate ‘Meta Pay’, a crypto-supporting online payments service.
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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