Greens Glimmer for BTC, Majority Cryptocurrency as Crypto Market Shows Signs of Recovery
Moving over a rather thrilling week, market wise, the crypto price chart looks enroute to recovery as we move into May’s second half. On Monday, May 16, Bitcoin opened with a small profit of 2.88 percent, that took its value to $32,073 (roughly Rs. 25 lakh), Indian exchange CoinSwitch Kuber tracked. Similar minor, yet significant gains came to BTC on international exchanges as well. For instance, on Binance, BTC grew by 2.82 percent and on Coinbase, it rose by 2.81 percent. Globally, BTC value is currently around $30,404 (roughly Rs. 27 lakh).
Ether followed BTC in registering small gains. After accumulating gains of up to 3.32 percent, ETH’s price stands at $2,193 (roughly Rs. 1.70 lakh) in India, the crypto price tracker by Gadgets 360 said.
Binance Coin, Cardano, Solana, Polkadot, and Avalanche among others.
Stablecoins, that had been witnessing a rough momentum for a while, have also begun to jump back to health.
Tether, USD Coin, and Binance USD are examples of stablecoins that garnered gains with the beginning of this week.
Dogecoin and Shiba Inu also broke their traditional loss pattern, and saw gains.
Terra emerged among loss-makers on the price chart today. The LUNA altcoin, that was once the eight largest cryptocurrency by market cap, has fallen by over 99 percent.
Presently, LUNA shows price depreciation of 31.36 percent and its value stands reduced to a negligible amount of $0.0013 (roughly Rs. 0.01).
Last week, the total market cap of Terra dropped below $2.75 billion (roughly Rs. 21,246 crore), making it the 34th largest cryptocurrency. At its peak, it was the eighth largest crypto token with a market cap of about $25 billion (roughly Rs. 1,93,150 crore).
LUNA’s fall is largely being blamed on the destabilisation of Terra USD’s (UST) peg to the dollar, which led to the conversions of UST for LUNA on a mass level, reducing its value.
Binance CEO Chengpeng Zhao called this incident a “watershed moment” for the crypto industry.
1/8 These past weeks have proven to be a watershed moment for the crypto industry. We have witnessed the rapid decline of a major project, which sent ripples across the industry, but also a new found resiliency in the market that did not exist during the last market downswing.
— CZ :large_orange_diamond: Binance (@cz_binance) May 15, 2022
Bitcoin Cash and Decentraland also saw losses.
Meanwhile, global market regulators are looking to launch a joint body within the next year to better co-ordinate cryptocurrency rules, as per reports.
The overall market has definitely recovered. The market cap of the crypto sector that was $1.17 trillion (roughly Rs. 91,01,968 crore), as of May 12, has risen to $1.30 trillion (roughly Rs. 10,133,150 crore) in the last few days, 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.
