The month of April has been full of volatility for the cryptocurrency sector. Now in May, most cryptocurrencies have shown a profit in their prices. According to the Indian exchange- Coinswitch Kuber, the price of bitcoin rose 0.87 percent to $41,262 (about Rs 31.5 lakh) on May 2. Bitcoin has also seen profits on international exchanges. According to Binance and Coinbase, the price of BTC has gained over 1.60 percent to reach $38,727 (approximately Rs 29.5 lakh). At the end of April, the value of bitcoin had gone below $40,000 (about Rs 30.5 lakh).
Ether has seen more gains than bitcoin in India. According to Gadgets 360’s crypto price tracker, ETH is valued at $3,074 (approximately Rs 2.35 lakh) with a gain of 1.08 percent. ETH has gained more than 2.25 percent in value on international exchanges. Its price has gone up to around $ 2,838 (about Rs 2.15 lakh). The world’s second most valuable cryptocurrency is far from its previous high mark of $3,800 (about Rs 3 lakh). Ether set this record last year.
Barring Binance USD, Cosmos, and ZCash, most cryptocurrencies have seen a rise in prices. Binance Coin, USD Coin, Solana, Ripple, and Cardano have also benefited. Dodgecoin and Shiba Inu have also made profits after being in losses for several days.
On the other hand, the overall market cap of the crypto industry fell in late April. According to CoinMarketCap, the crypto market cap currently stands at $1.75 trillion (approximately Rs 1,33,96,199 crore). On April 28, this figure was $ 1.80 trillion (about Rs 1,37,88,016 crore). In the month of March, the market cap of the overall crypto industry touched the mark of $ 2 trillion (about Rs 1,52,39,826 crore) for the first time in the year 2022.
Ukraine-Russia war, the fourth wave of COVID-19 in China Uncertainty in the US market has reduced crypto investments significantly. However, institutional investment in cryptocurrencies continues. For example- Last week, Dragonfly Capital raised $650 million (about Rs 4,975 crore) to support cryptocurrency firms and projects. A Wall Street Journal report shows that blockchain and crypto startups have raised $9.2 billion (about Rs 70,435 crore) in the first quarter of 2022.