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Crypto Price Today: Bitcoin falls below $27,600, Polkadot, Litecoin rise up to 2%

New Delhi: The cryptocurrency markets were trading mixed on Thursday after the consumer price inflation in April rose at a slower-than-expected pace. Cardano, Solana, and Polkadot were trading with gains, while Bitcoin, Ethereum, and Polygon were trading with cuts.

Bitcoin (BTC) declined 0.37% to $27,537, whereas Ethereum (ETH) was below the $1,850 level. Meanwhile, BTC volume stood at approximately $20.82 billion, rising 53.29% in the last 24 hours.

“The crypto market remained almost flat as encouraging CPI data showed that inflation is cooling down and we can expect relaxation of monetary policies in the future,” Shivam Thakral, CEO of BuyUcoin, said.

“Historically, BTC volatility increases around the inflation data release and we can see some fluctuations later today or during the week,” Thakral added.

The global cryptocurrency market cap was trading lower around $1.14 trillion, falling 0.20% in the last 24 hours.

The total volume in DeFi is currently 3.33 billion, 7.23% of the total crypto market 24-hour volume. The volume of all stablecoins is now $41.56 billion, which is 90.13% of the total crypto market 24-hour volume.

The market cap of Bitcoin, the world’s largest cryptocurrency, was around $533 billion. Bitcoin’s dominance is currently 46.92%, a decrease of 0.02% over the day, according to CoinMarketCap.”The current trading range is $27,250 to $27,700. A break of the resistance can lead to $28,050 and even $28,650. Failure to do so may result in shortening with targets of $27,450 and $27,150,” Sathvik Vishwanath, Co-Founder & CEO of Unocoin, said

Rajagopal Menon, Vice President at WazirX said, “Major market oscillators point to a neutral sentiment. The Relative Strength Index (14) sits at 42, with a neutral outlook. The Stochastic %K (14, 3, 3) at 21 and the Average Directional Index (14) at 18 indicate a Neutral outlook as well.”

“The MACD Level (12, 26), at −168, indicates Sell. The Stochastic RSI Fast (3, 3, 14, 14) is Neutral at 0 and William’s Percentage is Neutral at −77 as well,” Menon added.

Crypto Cart: Quick Glance (Source: coinmarketcap.com, data as of 1.01 hours, IST on May 11, 2023)

Bitcoin $27,537 -0.37%
Ethereum $1,836 -0.25%
Tether $1.00 0.02%
BNB $311 -0.03%
XRP $0.4274 -0.17%
Cardano $0.3651 0.69%
Dogecoin $0.07267 -0.47%
Polygon $0.8646 -1.41%
Solana $20.67 0.49%
Polkadot $5.45 2.15%
Tron $0.6949 0.21%
Litecoin $80.66 1.61%
Shiba Inu $0.00000888 -0.56%

(Note: Price change in last 24 hours)

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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