Crypto Price Today: Bitcoin Shows Signs of Price Recovery, Altcoins Show Mixed Movement

On Monday, May 20, Bitcoin appeared on the lucrative side of the crypto market, reflecting a 1.11% increase. Although this profit seems small at the moment, BTC managed to gain value on domestic and international exchanges over the weekend. In India, BTC is trading around the price of $70,701 (around Rs. 58.8 lakh) on exchanges like CoinDCX and CoinSwitch. On the other hand, Binance and CoinMarketCap showed the value of BTC surpassing the $67,070 mark (around Rs. 55.8 lakh).

“During the weekend, Bitcoin jumped up. This rapid change in sentiment follows recent economic data indicating slowing inflation in the United States, coupled with regulatory filings revealing significant interest in relatively new spot Bitcoin ETFs,” said Parth Chaturvedi, head of investments at CoinSwitch Ventures at Gadgets360.

Ether, in an unusual market move, did not lag BTC on the profit side of the crypto chart on Monday. The asset, after suffering a loss of 1.87 percent, is currently trading at $3,260 (around Rs. 2.71 lakh) on Indian exchange WazirX. Internationally, ETH is trading at $3,088 (roughly Rs. 2.57 lakh).

“ETH still needs to clear several hurdles to overtake Bitcoin. ETH is hovering around $3,100, remaining above the daily 20 EMA, which is a positive sign. Its resistance levels lie between $3,250 (approximately Rs. 2.70 lakh) and $3,650 (approximately Rs. 3.03 lakh),” the CoinDCX research team told Gadgets360.

The crypto chart by Gadgets360 showed mixed price movements for altcoins.Attached, Binance CoinAnd Solana for example, managed to retail gains on the price chart alongside BTC.

Dogecoin, Shiba Inu, Monero, IotaAnd NEM also recorded gains.

“Shiba Inu and Ripple could see new bearish momentum amid a broader uptrend for Bitcoin. Bitcoin moving averages indicate buying sentiment and have challenged previous price levels. However, as the month of May progresses, the price movement hardens due to price consolidation after the halving as well as mid-year sentiment changes,” said Rajagopal Menon, Vice Chairman from WazirX at Gadgets360.

In contrast, loss-making cryptocurrencies include Cardano, avalanche, Tron, Peas, Chain link, Polygon, Litecoin, UniswapAnd Leo.

The overall crypto market cap fell by 0.36% in the last 24 hours. It now stands at $2.42 trillion (approximately Rs. 2,01,46,512 crore), showed CoinMarketCap.

In the global regulatory landscape, the United States could see an overhaul of its crypto-related rules. The U.S. House of Representatives is expected to vote next week on the Financial Innovation and Technology for the 21st Century (FIT21) Act, which could become the first major crypto-regulation bill in the United States if approved. Turkey, meanwhile, has introduced a bill to regulate crypto activities. The Capital Markets Board (CMB) will be responsible for licensing and monitoring these companies.

Cryptocurrency is an unregulated digital currency that is not legal tender and is subject to market risks. The information provided 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 offered or endorsed by NDTV. NDTV will not be liable for any loss resulting from an investment based on any recommendation, forecast or other perceived information contained in the article.

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