Cryptocurrency Price Today: Bitcoin, Ethereum Appear Stable; Lido DAO Becomes Top Gainer
Cryptocurrency price on May 16 quick take: The global market cap dipped to $1.13 trillion.
Bitcoin (BTC), the world’s oldest and most popular cryptocurrency, appeared to be stable within the $27,000 range early Tuesday. Ethereum (ETH), on the other hand, dwelled within the $1,800 range over the past 24 hours. Other popular altcoins — including the likes of Dogecoin (DOGE), Ripple (XRP), Litecoin (LTC), and Solana (SOL) — saw mix of minor gains and losses. The Lido DAO (LDO) token emerged to be the biggest gainer of the lot, with a 24-hour jump of over 6 percent. Huobi Token (HT) turned out to be the biggest 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 dip of 0.43 percent.
Bitcoin (BTC) Price Today
Bitcoin price stood at $27,114.62, registering a 24-hour loss of 0.33 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 23.50 lakh.
Ethereum (ETH) Price Today
ETH price stood at $1,812.59, marking a 24-hour dip of 0.68 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.57 lakh.
Dogecoin (DOGE) Price Today
DOGE registered a 24-hour loss of 1.38 percent, as per CoinMarketCap data, currently priced at $0.07174. As per WazirX, Dogecoin price in India stood at Rs 6.36.
Litecoin (LTC) Price Today
Litecoin saw a 24-hour gain of 2.37 percent. At the time of writing, it was trading at $87.41. LTC price in India stood at Rs 7,685.
Ripple (XRP) Price Today
XRP price stood at $0.4246, seeing a 24-hour dip of 0.78 percent. As per WazirX, Ripple price stood at Rs 36.60.
Solana (SOL) Price Today
Solana price stood at $20.87, marking a 24-hour loss of 1.62 percent. As per WazirX, SOL price in India stood at Rs 1,869.99.
Top Crypto Gainers Today (May 16)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Lido DAO (LDO)
Price: $2.10
24-hour loss: 6.89 percent
BitDAO (BIT)
Price: $0.5136
24-hour loss: 4.81 percent
The Graph (GRT)
Price: $0.1219
24-hour loss: 3.19 percent
Conflux (CFX)
Price: $0.2862
24-hour loss: 3.03 percent
Frax Share (FXS)
Price: $7.01
24-hour loss: 2.81 percent
Top Crypto Losers Today (May 16)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
Huobi Token (HT)
Price: $2.78
24-hour loss: 6.45 percent
Klaytn (KLAY)
Price: $0.1676
24-hour loss: 4.55 percent
XDC Network (XDC)
Price: $0.0327
24-hour loss: 3.42 percent
Sui (SUI)
Price: $1.18
24-hour loss: 2.96 percent
Rocket Pool (RPL)
Price: $51.20
24-hour loss: 2.92 percent
What Crypto Exchanges Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “In the past 24 hours, Bitcoin traded around the $27,000 mark with investors considering liquidity concerns. During this period, BTC faced difficulty in surpassing the $27,500 threshold and began a corrective downward trend. The continuation of this downward movement may persist if BTC fails to maintain its current position. Concurrently, Ethereum followed a similar pattern, declining by 1 percent over the preceding day and is presently being traded at approximately $1,800, following the suit of BTC.”
WazirX Vice President Rajagopal Menon said, “Bitcoin surpassed $27,000 at the start of the week. The forthcoming debt ceiling talks may determine whether investors view BTC as a safe-haven asset amid regulatory uncertainty. BTC is currently stable, but a risk-averse scenario could lead to selling pressure. Liquidity issues and regulatory ambiguity have caused market makers to retreat from Crypto trading. On WazirX, dYdX (DYDX) and Smooth Love Potion (SLP) have been the top gainers in the last 24 hours.”
Sathvik Vishwanath, CEO and co-founder of Unocoin said, “ETH/BTC trading pair has become more volatile than before. Interestingly, the current price of ETH/BTC is about the same as it was 18 months ago when the correlation was last at this level, around 0.066 BTC per ETH. There is speculation that the price of Bitcoin could reach $28,000 if it manages to overcome the resistance at $27,000, but it is important to note that significant resistance is expected around $28,700. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) both indicate a buying zone, increasing the likelihood of an uptrend beyond $26,700. On the other hand, if Bitcoin falls below $26,000, the next support levels are expected at $25,900 or even lower, possibly as low as $25,000.”
Shivam Thakral, the CEO of BuyUCoin, said, “The crypto market remained calm over the last 24 hours with BTC within the range of $27,000. ETH, the second largest digital asset rose by close to 1 percent and is changing hands at $1,812. The crypto market sentiment looks positive but if users go for de-risking then we may see some selling pressure on BTC and other crypto assets in the coming weeks.”
CoinDCX Research Team told ABP Live, “Bitcoin was trading at about $27,460, up by 2 percent over the past 24 hours with signs of resilience as it surged past the $27,000 mark. One notable indicator of potential upward momentum for the world's leading crypto asset is the decline in the Stablecoin Supply Ratio (SSR), which has dropped approximately 11 percent in the past 11 days. The SSR is a key metric used to gauge buying pressure in the market, with lower values suggesting increased buying power. These developments bode well for Bitcoin's price trajectory, potentially pushing it higher in the near term.”
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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