Bitcoin (BTC), the oldest and most valued cryptocurrency, dipped below the $27,000 mark on Friday. Ethereum (ETH) followed suit and went under the $1,800 mark as well. Other popular altcoins — including the likes of Dogecoin (DOGE), Ripple (XRP), Litecoin (LTC), and Solana (SOL) — landed in the reds across the board. There were only two gainers today, as per CoinMarketCap. Among losers, memecoin PEPE saw the biggest dip, at over 36 percent.
The global crypto market cap stood at $1.10 trillion at the time of writing, registering a 24-hour dip of 2.96 percent.
Bitcoin (BTC) Price Today
Bitcoin price stood at $26,668.83, registering a 24-hour loss of 2.77 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 23.99 lakh.
Ethereum (ETH) Price Today
ETH price stood at $1,765.61, marking a 24-hour dip of 3.41 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.60 lakh.
Dogecoin (DOGE) Price Today
DOGE registered a 24-hour loss of 2.08 percent, as per CoinMarketCap data, currently priced at $0.07119. As per WazirX, Dogecoin price in India stood at Rs 6.31.
Litecoin (LTC) Price Today
Litecoin saw a 24-hour loss of 2.22 percent. At the time of writing, it was trading at $78.55. LTC price in India stood at Rs 6,940.
Ripple (XRP) Price Today
XRP price stood at $0.4194, seeing a 24-hour dip of 2.17 percent. As per WazirX, Ripple price stood at Rs 37.50.
Solana (SOL) Price Today
Solana price stood at $20.11, marking a 24-hour loss of 2.55 percent. As per WazirX, SOL price in India stood at Rs 1,810.
Top Crypto Gainers Today (May 12)
As per CoinMarketCap data, here are the top two crypto gainers over the past 24 hours:
Gemini Dollar (GUSD)
24-hour loss: 0.30 percent
24-hour loss: 0.02 percent
Top Crypto Losers Today (May 12)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
24-hour loss: 36.08 percent
Lido DAO (LDO)
24-hour loss: 11.82 percent
24-hour loss: 11.30 percent
Frax Share (FXS)
24-hour loss: 10.32 percent
24-hour loss: 10.28 percent
What Crypto Exchanges Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “In the last 24 hours, most cryptocurrencies have shown a downward trend. Bitcoin, in particular, was observed to be trading at the $26,600 level, down by almost 3 percent in the last 24 hours and 9 percent in the last seven days. The decline in prices could be attributed to various factors. On the one hand, Bitcoin fees have reduced after a few days of skyrocketing prices, leading to delayed selling from market participants. As for the rest of the crypto market losses mostly follow Bitcoin’s trend, replicating its price movement, albeit with more significant price swings due to their smaller market capitalisation.”
WazirX Vice President Rajagopal Menon said, “Moving averages for Bitcoin lean towards sell sentiment as the token undergoes major price correction. The memecoin frenzy cools down and more Web2 companies set foot in Web3 to provide various services as per market demands.”
Sathvik Vishwanath, CEO and co-founder of Unocoin said, “PPI growth was lower than expected, while the services index rose 0.3 percent. The number of claims for unemployment benefits rose to 264,000, indicating problems in the labour market. The price of Bitcoin is at $26,938.02 and is experiencing a decrease of 3.43 percent in 24 hours. It is approaching the bearish Fibonacci retracement level of $26,800. A breach could lead to a ‘sell’ at $25,450 and potentially another drop to $24,000. RSI and MACD indicate a sell bias. However, a bullish rebound could target $28,400 or higher at $29,850 for the BTC/USD pair.”
Shivam Thakral, the CEO of BuyUCoin, said, “The crypto market cap fell by 2.46 percent and hovered around the $1.11 trillion mark. The downward trend in the crypto market was led by crypto heavyweights like BTC and ETH which dropped by 2.71 percent and 2.78 percent, respectively. The crypto market didn’t gain much from the positive inflation data as the interest levels have increased by 500 basis points since the US Fed started an aggressive strategy to tame inflation and it will take some time for rates to come down from current levels.”
CoinDCX Research Team told ABP Live, “The crypto markets experienced a brief surge with Bitcoin (BTC) rallied by over 2 percent following the release of US inflation data, but quickly dipped by more than 5 percent in 30 minutes after news broke of the US government selling 9,800 BTCs. On a positive note, the amount of Bitcoin held on digital asset exchanges has plummeted to 5.84 percent, the lowest point in the past five and a half years. This suggests that more holders are preferring to store their crypto on cold wallets rather than dealing with exchanges. The last time figures were that low was in December 2017, indicating a potential shift in the behaviour of long-term holders. This trend may lead to greater security and stability in the market.”
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.