The cryptocurrency market experienced a downturn on Wednesday, May 15th, with major players like Bitcoin (BTC) and Ether (ETH) facing price drops.

Bitcoin, the world’s leading cryptocurrency, fell around 1%, bringing its trading value down to $66,124 on Indian exchanges and $61,945 on international exchanges. Ether, the second-largest cryptocurrency, followed suit with a loss of approximately 1.48%. This translates to a price of $3,083 on national exchanges and $2,902 internationally.

The trend extended to a majority of altcoins, which also registered losses. This suggests a broader market correction after recent gains. Analysts point to profit-taking and a lack of sustained momentum as possible reasons for the decline.

However, there were a few outliers. Tether (USDT), a stablecoin pegged to the US dollar, and Iota (MIOTA) bucked the trend and saw slight increases. Tether’s price stability is inherent to its design, while Iota’s gains could be attributed to specific project developments or market sentiment.

Overall, the crypto market remains volatile, with prices susceptible to fluctuations. While Wednesday’s dip signifies a correction, it’s important to monitor the market for further developments and potential rebounds.