Cryptocurrency Price on May 17: Bitcoin above $66.2K; Chainlink, Polkadot rise up to 15%

Bitcoin was up 0.3% at $66,252 as of 12:42 p.m., while Ethereum was down 1% at $2,993.

"Bitcoin is currently trading around $66,000. BTC is consolidating its gains with some participants booking profits and may take some time before attempting another rise. If the bulls remain active today, the price could increase over the weekend. The support lies at $65,150," said Edul Patel, CEO of .

Among the , showed remarkable performance in today's trading session, surging by 15%.

The collaboration between the (DTCC) in the US, along with Chainlink and major US banks, completed a successful pilot to expedite the tokenization of funds. Parth Chaturvedi, Investments Head at , emphasized that this partnership marks a significant step towards the adoption of in the traditional asset management sector.

The volume of all is now $70.46 billion, which is 92.97% of the total crypto market 24-hour volume, as per data available on .

In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, surged to $1.309 trillion. Bitcoin's dominance is currently 54.69%, according to CoinMarketCap. BTC volume in the last 24 hours fell 27.4% to $30.9 billion.

Tech view on BTC and ETH by Rajagopal Menon, Vice President of
Technical indicators reveal a slowing hourly MACD in the bullish zone, while the RSI for BTC/USD remains above 50. Key support levels are at $65,150 and $63,800. On the upside, major resistance levels are $66,000, $66,500, and $67,200. These levels will be crucial in determining Bitcoin's next move in the market.

Ethereum recently exceeded its 20-day EMA but faces challenges due to Bitcoin's volatility. Social sentiment for ETH is slightly positive. The Elder-Ray Index suggests a buyer's market. ETH is trading within a descending triangle, indicating possible bearish trends. A significant drop to $2,864 is possible. Breaking the upper trend line could target $3,100. Next week's SEC decision on ETH ETFs is crucial.

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Source: Forex-Markets-Economic Times