Crypto Update: Bitcoin, Ethereum Dip While Altcoins Experience Losses
Bitcoin has decreased by 1.5% to $96,122, while Ethereum has fallen by 2% to $2,656. The global crypto market cap stands at $3.18 trillion after a 1.67% decline, as multiple altcoins also experience losses. Experts indicate a stable trading range for Bitcoin, with market participants awaiting new catalysts for price movement.
As of 11:12 AM IST, Bitcoin’s value has decreased by 1.5% to $96,122, and Ethereum has also seen a decline of 2%, now standing at $2,656. The global cryptocurrency market capitalization has fallen by 1.67%, reaching $3.18 trillion within the last 24 hours.
Alankar Saxena, Co-founder and CTO of Mudrex, stated, “Bitcoin is holding steady near $96,000 as the market awaits a decisive catalyst. While positive factors like U.S. 10-year yields below 4.5% and the National Bank of Canada’s $2 million investment in Bitcoin ETFs boost market sentiment, the price impact is yet to be seen.”
In the altcoin market, significant drops were observed as XRP fell by 4.3%, Solana decreased by 6.3%, and Dogecoin lost 3.8%. Additionally, Litecoin experienced a loss of 7.9%. Other cryptocurrencies such as Chainlink, Stellar, Avalanche, Sui, Tron, and Shiba Inu recorded declines between 1.6% and 4.4%. Over the past 24 hours, Bitcoin’s market capitalization has reduced to $1.907 trillion, with Bitcoin’s dominance currently at 59.91%. BTC trading volume rose by 20% to $18.19 billion, while stablecoins constituted $58.31 billion of this volume, representing 91.06%, according to CoinMarketCap.
According to Sathvik Vishwanath, Co-Founder and CEO of Unocoin, Bitcoin remains relatively stable between $96,000 and $97,000, indicating low volatility. Following a peak of $109,356, Bitcoin is consolidating within a range of $96,000 and $98,000, with support identified at $89,000–$91,000 and resistance noted near $100,000. Short-term indicators are revealing bearish pressure.
While long-term Exponential Moving Averages suggest strength, a decline in momentum and MACD appears to favor bear markets. A breakout above the $100,000 mark could reactivate bullish sentiments targeting prices above $102,000. Conversely, if Bitcoin fails to maintain above $96,500, a dip toward $91,000 may occur. Market indecision prevails with traders awaiting the next significant movement in light of diminished selling pressure and cautious accumulation.
In summary, Bitcoin and Ethereum have experienced notable declines in their prices, contributing to the overall reduction in cryptocurrency market capitalization. The altcoin market has also faced significant losses, especially among major cryptocurrencies. Experts highlight a relatively stable trading range for Bitcoin, emphasizing the importance of future price movement catalysts.
Original Source: m.economictimes.com
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