Bitcoin Surges Above $109,000 as Market Sentiment Improves
On June 10, Bitcoin surpassed $109,000 as US-China trade negotiations improved. The global crypto market cap rose to $3.41 trillion. Key altcoins mostly declined, but FARTCOIN saw notable gains. Experts predict volatility ahead of upcoming inflation data.
On June 10, Bitcoin (BTC) crossed above $109,000, boosted by improving trade negotiations between the US and China. The global cryptocurrency market capitalization observed a rise to $3.41 trillion, up by 3.67 percent in the last 24 hours. It’s important to note, however, that many altcoins—including Ethereum (ETH), Solana (SOL), Ripple (XRP), and Litecoin (LTC)—saw declines during this time, with the Market Fear & Greed Index registering at 64, indicating ‘Greed’ among investors. Interestingly, FARTCOIN emerged as the most significant gainer, climbing over 20 percent, while AB suffered the largest loss of nearly 5 percent.
Bitcoin’s price hit $109,418.62, reflecting a gain of 3.66 percent in the same timeframe. When checked on Indian exchanges, the price bracketed close to Rs 90.39 lakh. Meanwhile, Ethereum also made headlines, rising to $2,668.34 and achieving a substantial 7.31 percent increase. In India, Ethereum stands at Rs 2.13 lakh.
Looking at Dogecoin (DOGE), it registered gains of 5.56 percent, trading at $0.1910, or Rs 15.52 in India. Litecoin (LTC), on the other hand, sold for $90.20, reflecting a 3.51 percent increase. The latest market data indicated that Ripple (XRP) priced at $2.28, also shown a gain of 2.40 percent, while Solana (SOL) rose to $158.21, marking an increase of 5.20 percent.
Over the last 24 hours, several cryptocurrencies climbed in value. On CoinMarketCap, the major gainers included Fartcoin (FARTCOIN) with a 20.11 percent increase, dogwifhat (WIF) up by 16.75 percent, Aave (AAVE) gaining 14.77 percent, Kaia (KAIA) with 13.99 percent, and Uniswap (UNI) rising 13.92 percent in that order.
Conversely, the leading losers included AB (AB), which fell 4.38 percent, UNUS SED LEO (LEO) dropping by 2.16 percent, and Four (FORM) declining by 0.49 percent. The XDC Network (XDC) saw a loss of 0.16 percent, whereas PAX Gold (PAXG) dropped slightly by 0.06 percent.
Industry experts are reacting positively to the market’s performance. Edul Patel from Mudrex noted that Bitcoin’s surge to $109,500 was fueled by a boost in investor sentiment following trade talks between the US and China, resulting in a strong rally across other cryptocurrencies, including Ethereum and Solana. He observed a liquidation of around $38 million in short positions.
CoinSwitch Markets Desk observed Bitcoin’s rise to 3.7%, exceeding $110,000 as many leveraged traders faced losses. They noted the significant liquidation of approximately $110 million in short positions, emphasizing the need for a decisive price break above or below key levels to sustain this rally.
Avinash Shekhar of Pi42 remarked how Bitcoin is not just holding attention; it is also witnessing increased trading volumes, indicating revitalized investor interest. Although, a recent incident involving a hacked tweet about Bitcoin potentially becoming legal tender in Paraguay—despite being debunked—demonstrates how quickly market sentiment can shift.
Sathvik Vishwanath from Unocoin highlighted that Bitcoin’s consolidation below the $110,000 psychological barrier is crucial, and favorable inflation data slated for release soon could trigger a breakout toward new price heights. Finally, Shivam Thakral of BuyUcoin mentioned that Bitcoin’s climb is cautious ahead of the US inflation report, urging traders to avoid excessive risk due to potential macroeconomic challenges.
In conclusion, Bitcoin’s rally above $109,000 amid easing US-China tensions marks a significant development in the cryptocurrency market. While Bitcoin flourishes, many altcoins struggle, suggesting a mixed investor sentiment. Industry experts anticipate further movement and volatility in crypto prices, especially with inflation data on the horizon.
Original Source: news.abplive.com
Post Comment