Bitcoin Trading at $59,615 in India, Registers Slight Gain of 0.46%
Over the weekend, the cryptocurrency market remained relatively stable without undergoing any significant changes. Bitcoin, on Monday, May 6, was trading at $59,615 (roughly Rs. 49.7 lakh) in India, showing a minor gain of 0.46 percent. In the past 48 hours, Bitcoin has seen an increase in value by $1,925 (roughly Rs. 1.60 lakh). Meanwhile, on international exchanges like CoinMarketCap, Bitcoin is currently trading at around $63,840 (roughly Rs. 53.2 lakh).
The recent rise in Bitcoin’s value followed the release of the US April jobs report, which came in cooler than expected. Additionally, Bitcoin has crossed a significant milestone, processing over a billion transactions since its inception. Analysts predict that Bitcoin may trade sideways this week, ranging between $62,000 (roughly Rs. 51.7 lakh) and $66,000 (roughly Rs. 55 lakh), according to Edul Patel, CEO of Mudrex.
Bitcoin’s positive momentum was reflected across several other cryptocurrencies as well on Monday. Altcoins such as Binance Coin, Ripple, Dogecoin, Cardano, Polkadot, and Chainlink managed to register profits alongside Bitcoin, indicating a broader market sentiment favoring gains.
The cryptocurrency sector did not undergo any major change over the weekend. Bitcoin on Monday, May 6 found itself trading at $59,615 (roughly Rs. 49.7 lakh) in India, after managing to mint a negligible gain of 0.46 percent. In the last 48 hours, the value of Bitcoin has clocked a rise of $1,925 (roughly Rs. 1.60 lakh). The asset, meanwhile, is trading at the price point $63,840 (roughly Rs. 53.2 lakh) on international exchanges like CoinMarketCap.
“Bitcoin saw a rise after the US April jobs report arrived cooler than expected. Additionally, the Bitcoin network has processed over a billion transactions marking a milestone since its inception. It is likely that we might see Bitcoin trading sideways between $62,000 (roughly Rs. 51.7 lakh) and $66,000 (roughly Rs. 55 lakh) this week,” Edul Patel, CEO of Mudrex told Gadgets360.
Bitcoin was joined by a bunch of cryptocurrencies that managed to register profits as of Monday. These altcoins include Binance Coin, Ripple, Dogecoin, Cardano, Polkadot, and Chainlink.
“Ethereum has maintained a relatively stable trajectory, with a slight 0.08 percent decline, reaching $3,137 (roughly Rs. 2.60 lakh). Overall sentiment remains bullish for the token even though trading activities have taken a setback. Ethereum’s current price surpasses its 200-day Exponential Moving Average, hinting at a positive long-term trend,” Rajagopal Menon, Vice President, WazirX