Price of Ethereum is catching pace, Bitcoin is also putting power

NDTV Gadgets 360 Hindi

In the second fortnight of May, there was a lot of volatility in the cryptocurrency market. Now the market has started stabilizing. This is the reason why Ethereum registered a rise of up to 8 percent on Monday. Its value reached $ 2,587 (about Rs. 1.88 lakh) on Monday after gaining 8 percent. Although the price did increase, it remained 40 percent less than its record high price of $ 4,300 (approximately Rs 3.12 lakh).

At 5:23 pm IST, the cryptocurrency was trading at $ 2,565.69 (about Rs 1.8 lakh). At the same time, Bitcoin, the world’s largest digital currency and Ethereum’s biggest competitor, also registered a growth of 3.7 percent and reached $ 36,977 (about Rs 26.8 lakh).

Although the price of bitcoin has been less volatile in the past few days, it was down 35 percent in May. The reason for this is also increasing regulatory pressure on this market.

The latest positioning data over the weekend of 25 May confirmed that net short positions doubled compared to the previous week. But this net short is the shortest net short since March. China had recently banned mining activities of crypto. In this episode, the most recent statement on the market came from Bank of Japan Governor Haruhiko Kuroda, who said that this trade has been risky most of the time.

Currently, bitcoin is trading at half its price from its all-time highs. The level at which this cryptocurrency was trading in the month of February is currently trading at the same level. Whereas in the month of April its record level was at $ 65,000 (about Rs 47.2 lakh). <!–


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