Crypto Price Today: Bitcoin Trades Above $60,000, Losses Hit Ether, Shiba Inu

The cryptocurrency sector did not see any major changes over the weekend. On Monday, May 6, Bitcoin traded at $59,615 (roughly Rs. 49.7 lakh) in India, after managing to eke out a negligible gain of 0.46%. In the last 48 hours, the value of Bitcoin recorded a rise of $1,925 (approximately Rs. 1.60 lakh). The asset, meanwhile, is trading at a price of $63,840 (around Rs. 53.2 lakh) on international exchanges like CoinMarketCap.

“Bitcoin saw a rally after the April US jobs report came in colder than expected. Additionally, the Bitcoin network has processed over a billion transactions, marking a significant milestone since its inception. It is likely that we could 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 number of cryptocurrencies that managed to post profits as early as Monday. These altcoins include Binance Coin, Ripple, Dogecoin, Cardano, Polkadot, And Chain link.

Among other cryptocurrencies that reflect gains, Close protocol, Polygon, Leo, Uniswap, Cosmos, Kronos, StellarAnd Monero also recorded their names.

The overall crypto market cap increased by 1.14% in the last 24 hours. With this, the total valuation of the sector stands at $2.36 trillion (approximately Rs. 1,96,97,256 crore), according to CoinMarketCap.

“Recent market trends indicate a balance between price movements and liquidations, signaling market stabilization. Many of the top ten cryptocurrencies by market valuation are trading in green. With a slower economy, inflation is bound to slow, leading to lower interest rates.

Ether Monday reflected a loss of 1.20 percent. At the time of writing, the asset was trading at $2,970 (approximately Rs. 2.48 lakh). Over the weekend, Ether rose by around $70 (roughly Rs. 5,845).

“Ethereum maintained a relatively stable trajectory, with a slight decline of 0.08%, reaching $3,137 (approximately Rs. 2.60 lakh). The overall sentiment remains bullish for the token, even though trading activities have seen a setback. The current price of Ethereum is above its 200-day exponential moving average, hinting at a long-term positive trend,” Rajagopal Menon, Vice President of WazirX told Gadgets360.

Attached, Solana, Shiba Inu, avalanche, Tron, LitecoinAnd Bitcoin Cash recorded losses.

Separately, the Grayscale Bitcoin Trust (GBTC), the top Bitcoin ETF by assets, saw a surge in investor funds over the weekend, marking its first daily increase since its launch in January.

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