Cryptocurrency Price Today: Bitcoin Sees Minor Dip As Top Coins Land In Greens
Cryptocurrency price on May 17 quick take: The global market cap stood at $1.13 trillion.
Bitcoin (BTC), the world’s oldest and most popular cryptocurrency, appeared to be stable within the $27,000 range early Wednesday, registering a minor 24-hour dip. On the other hand, other top coins — including the likes of Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Litecoin (LTC), and Solana (SOL) — managed to see minor gains across the board. The in-game token of Decentraland, MANA, emerged to be the top gainer today, with a 24-hour jump of over 10 percent. KAVA, on the other hand, became the top loser with a 24-hour dip of over 6 percent.
The global crypto market cap stood at $1.13 trillion at the time of writing, registering a 24-hour gain of 0.03 percent.
Bitcoin (BTC) Price Today
Bitcoin price stood at $27,098.31, registering a 24-hour gain of 0.11 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 23.63 lakh.
Ethereum (ETH) Price Today
ETH price stood at $1,825.23, marking a 24-hour gain of 0.65 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.58 lakh.
Dogecoin (DOGE) Price Today
DOGE registered a 24-hour jump of 1.99 percent, as per CoinMarketCap data, currently priced at $0.07318. As per WazirX, Dogecoin price in India stood at Rs 6.40.
Litecoin (LTC) Price Today
Litecoin saw a 24-hour gain of 6.22 percent. At the time of writing, it was trading at $92.89. LTC price in India stood at Rs 7,910.03.
Ripple (XRP) Price Today
XRP price stood at $0.4567, seeing a 24-hour jump of 7.53 percent. As per WazirX, Ripple price stood at Rs 39.01.
Solana (SOL) Price Today
Solana price stood at $20.95, marking a 24-hour gain of 0.46 percent. As per WazirX, SOL price in India stood at Rs 1,859.79.
Top Crypto Gainers Today (May 17)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Decentraland (MANA)
Price: $0.516
24-hour loss: 10.87 percent
Render Token (RNDR)
Price: $1.97
24-hour loss: 9.73 percent
Conflux (CFX)
Price: $0.3143
24-hour loss: 9.40 percent
The Sanbdox (SAND)
Price: $0.5353
24-hour loss: 7.64 percent
Ripple (XRP)
Price: $0.455
24-hour loss: 7.24 percent
Top Crypto Losers Today (May 17)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
Kava (KAVA)
Price: $0.9285
24-hour loss: 6.40 percent
XDC Network (XDC)
Price: $0.0313
24-hour loss: 4.42 percent
Bitcoin SV (BSV)
Price: $34.60
24-hour loss: 4.11 percent
Pepe (PEPE)
Price: $0.000001667
24-hour loss: 3.87 percent
Flare (FLR)
Price: $0.02726
24-hour loss: 3.48 percent
What Crypto Exchanges Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin remained stable over the last 24 hours, possibly due to investors keeping a close eye on the ongoing debt ceiling negotiations in Washington. The price of BTC fluctuated between $26,800 and $27,400. Meanwhile, Ethereum is currently traded at approximately $1,825, showing a 1 percent increase. Recent data from Kaiko, a crypto information provider, indicates that the correlation between Bitcoin and Ethereum prices is 77 percent, the lowest since 2021. This decreasing correlation may stimulate trading activity in Bitcoin and Ethereum pairs going forward.”
WazirX Vice President Rajagopal Menon said, “Bitcoin slips below $27,000 as investors watch debt ceiling negotiations. Analysts speculate that resolving the issue could support Bitcoin, considering its potential as a hedge in the current macroeconomic environment. The rise in the debt ceiling would also benefit risk assets, as market participants aim to protect their wealth. On WazirX, Gifto (GFT) and Alchemy Pay (ACH) have been the top gainers in the last 24 hours.”
Sathvik Vishwanath, CEO and co-founder of Unocoin said, “Bitcoin, currently priced between $26,950 and $27,095, faced pressure on Tuesday amid mixed market sentiment. The $26,800 support level, formerly resistance, now acts as a potential turning point. Technical indicators such as RSI and MACD indicate a favourable buying zone. If Bitcoin holds above $26,800, a bullish bounce to $27,800 or $27,500 is likely. However, the 50-day EMA around $27,500 acts as a significant barrier, indicating bearish sentiment prevailing in the market.”
Shivam Thakral, the CEO of BuyUCoin, said, “The overall crypto market remained flat with BTC and ETH showing marginal fluctuations in their price. Meme coin space is buzzing currently with XRP and LTC surging by over 6 percent during the same period. The meme coin surge is mainly linked to newcomers entering the crypto market as meme coins lower the cost barrier for first-time crypto owners. The ongoing macroeconomic factors will play a crucial role in deciding market momentum.”
CoinDCX Research Team told ABP Live, “Bitcoin transactions have reached a record-breaking count of over 631,000. The spike in transaction count indicates that retail traders are actively participating in the Bitcoin network, driving the increased activity. The once strong correlation between Bitcoin (BTC) and Ether (ETH), has shown signs of weakening in the current year, indicating an impending shift in the market dynamics. Recent data reveals that the 30-day rolling correlation between BTC and ETH prices dropped to 77 percent, the lowest since 2021 and significantly weaker than the 96 percent observed just two months ago. This divergence suggests that the relationship between these two is evolving, signalling a potential regime change in the crypto market.”
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
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