Bitcoin on Monday, May 12, reflected a miniscule loss of 0.15 percent to trade at $103,890 (roughly Rs. 88 lakh) on international exchanges.

Over the weekend, US President Donald Trump announced a “total reset” in US-China trade relations following high-level talks in Geneva.

The cryptocurrency market reacted to the development with optimism, pushing Bitcoin up to $102,544 (roughly Rs. 86.8 lakh) on Indian exchanges despite a minor dip of less than one percent.

“The markets remain optimistic about the US-China trade deal. BTC is showing strong bullish momentum at current levels. On-chain data reveals nearly 350,000 new BTC wallets were created in a day, suggesting rising retail interest and fresh liquidity are flowing into the market. Bitcoin now faces resistance at $105,100 with support at $102,200,” said Alankar Saxena, co-founder and CTO of Mudrex.

Ether also displayed a small loss of 0.46 percent, trading at $2,500 on global platforms on Monday—a milestone not reached since December 2022. This is the first time in over three months that Ether has managed to breach this price mark. On Indian exchanges, ETH is trading at $2,472.

“The performance of ETH and ETH-based projects indicates deepening market confidence and capital rotation into Ethereum's expanding ecosystem. Projects linked to the Ethereum ecosystem have shown exceptional strength, Arbitrum as a key Layer-2 solution, Gala leveraging its L1, and Ethena offering synthetic dollar instruments on Ethereum are testament to this shift,” explained Himanshu Maradiya, founder and chairman of CIFDAQ exchange.

Most Viewed Video

The altcoins displayed a mixed price movement on Monday. While most of them rose in their respective values over the weekend, several altcoins did reflect minor price dips on Monday. These include Binance Coin, Dogecoin, Cardano, Tron, and Shiba Inu.

Meanwhile, Litecoin, Cronos, Bitcoin SV, and Underdog logged small losses on the price charts.

The crypto market cap is fluctuating within the range of $3.33 trillion and $3.49 trillion. Over the last 24 hours, the valuation fell by 0.29 percent, according to CoinMarketCap.

"The total crypto market cap climbed to $3.49 trillion, its highest level since February. However, with the Relative Strength Index (RSI) entering overbought territory, we might see a short-term correction or consolidation in the market. A final verdict will depend on the performance of BTC and major altcoins," the CoinSwitch Markets Desk said.

Solana joined Avalanche, Bitcoin Cash, Polkadot, Leo, and Monero in managing to reflect small gains on Monday.

Market analysts advised the investor community to make informed decisions as the market may see volatility owing to the ongoing geo-political tensions between India-Pakistan and Israel-Yemen.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.