BTC Stays Below $38,000 in Value; Majority Cryptocurrencies See Profits

The month of April proved to be one full of twists and turns for the crypto sector. Stepping into May, majority cryptocurrencies reflected greens next to their values, indicating at profits. On Monday, May 2, Bitcoin prices climbed by 0.87 percent to reach $41,262 (roughly Rs. 31.5 lakh) as per Indian exchange CoinSwitch Kuber. Profits also touched Bitcoin on international exchanges. As per Binance and Coinbase, BTC rose by over 1.60 percent bringing its value to $38,727 (roughly Rs. 29.5 lakh). Towards the end of April, Bitcoin values fell from the mark of $40,000 (roughly Rs. 30.5 lakh) that it had been maintaining in the first half of April, owing to market fluctuations and global economic instability.

Ether saw slightly bigger gains that Bitcoin in India. With a profit of 1.08 percent, ETH value stands at $3,074 (roughly Rs. 2.35 lakh) as per Gadgets 360's crypto price tracker. On international exchanges, ETH is up by over 2.25 percent bringing its prices to around $2,838 (roughly Rs. 2.15 lakh). The world's second most valuable cryptocurrency is currently far from its last all-time-high of around $3,800 (roughly Rs. 3 lakh) that it touched last year.

With the exception of Binance USD, Cosmos, and ZCash, majority cryptocurrencies bulked up as per the price charts.

Binance Coin, USD Coin, Solana, Ripple, and Cardano emerged among gainers.

After days of incurring losses, Dogecoin and Shiba Inu also roped-in profits.

Overall, the total market cap of the crypto industry tumbled down in the final leg of April. Currently, crypto market cap is at $1.75 trillion (roughly Rs. 1,33,96,199 crore) as per CoinMarketCap. On April 28, the figure was at $1.80 trillion (roughly Rs. 1,37,88,016 crore).

Back in March, the market cap of the overall crypto industry had touched $2 trillion (roughly Rs. 1,52,39,826 crore)-mark for the first time in 2022.

Owing to the ongoing Ukraine-Russia war, the fourth wave of COVID-19 affecting nations like China, and recession-like economic climate swirling over the US — investments from high-risk crypto assets dwindled significantly.

Institutional investments in crypto, however, have continued to pour in.

Last week, Dragonfly Capital, for instance, raised $650 million (roughly Rs. 4,975 crore) to back crypto firms and projects that show promise and potential.

A report from the Wall Street Journal shows blockchain and crypto startups raised $9.2 billion (roughly Rs. 70,435 crore) in the first quarter of 2022.

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