BTC, ETH See Gains as Majority Cryptocurrencies Set to Bid Profit-Laden Adieu to May 2022

Cryptocurrency investors may breathe a sigh of relief as the majority of cryptocurrencies begin to see more gains than losses once again as May draws to a close. Bitcoin saw a growth of 3.56 percent to $31,727 (approx Rs 24.5 lakh) on Monday, May 30, according to Indian exchange CoinSwitch Kuber. In a somewhat unorthodox behavior, Bitcoin doubled larger gains on international exchanges. Binance and Coinbase recorded a BTC growth of 4.70 percent. The oldest cryptocurrency is currently trading at around $30,337 (about Rs 23.5 lakh) globally.

Ethereum recorded a similar upward movement towards profit on the cryptocurrency charts. With a gain of 4.33 percent, the value of ETH hovered around a relatively low point of $1,962 (~Rs 1.50 lakh), Gadgets 360’s crypto price tracker showed.

Binance Coin, Cardano, Solana, Polkadot, and Avalanche have joined BTC and ETH in a profit trajectory.

Shiba Inu and Dogecoin gained 8.58% and 2.77%, respectively. While each DOGE is priced at $0.088 (approximately Rs 6.85), each SHIB token is trading at $0.00012 (approximately Rs 0.000950).

Despite the significant profits of the majority of cryptocurrencies in circulation today, many of them have not risen as well as in the past in the market.

“Global growth fears spurred by rising interest rates and supply chain turmoil have been the dominant themes in investor narratives, as many have been inclined to conserve capital during these volatile times. The appetite for risky assets continued to decline as tech stocks in Asia experienced a capital flight of $63 billion (about Rs 4,88,404 crore) this year. The research team at crypto exchange CoinDCX told Gadgets 360:

At the time of writing, USD-linked stablecoins like Tether, USD Coin, and Binance USD are trading at losses.

The total market capitalization of the crypto sector is currently $1.25 trillion (about Rs 97,50,067 crore), according to CoinMarketCap.

“We remain optimistic about the long-term growth trajectory of cryptocurrencies, and the tremendous potential they have to revolutionize the way we live, work and play,” the CoinDCX team added.

Meanwhile, Terraform Labs launched its new blockchain over the weekend called Terra Classic. Since the previous Terra blockchain has been unpegged, LUNA, its original token, is currently experiencing extreme volatility.

Cryptocurrency is an unregulated digital currency that is not legal tender and is subject to market risk. The information in the article is not intended to be and does not constitute financial advice, business advice or any other advice or recommendation of any kind provided or approved by NDTV. NDTV will not be liable for any loss arising from any investment based on any recommendation, forecast or any other information contained in the article.

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