Synopsis
Major cryptocurrencies including Bitcoin and Ethereum faced declines as investors booked profits following recent highs. Bitcoin traded at $62,264, down 2.1%, while Ethereum fell 2.5%. Market sentiment remains cautious with upcoming U.S. CPI and PPI data expected to increase volatility, and Bitcoin facing resistance at $64,000.
Major cryptocurrencies faced a decline on Tuesday as investors booked profits following recent highs. Bitcoin (BTC), Ethereum (ETH), Solana, and other major cryptocurrencies experienced dips, contributing to a 2.1% drop in the global cryptocurrency market cap, which now stands at approximately $2.17 trillion over the past 24 hours.
As of 1:34 pm IST, Bitcoin was down 2.1%, trading at $62,264, while Ethereum fell 2.5% to $2,426.
“Bitcoin has faced profit-taking after briefly touching the $64,000 mark, now trading around $62,300 as it awaits a key catalyst for a breakout. BlackRock’s declaration of Bitcoin as a new alternative to gold has lifted market sentiment, but investors are still looking for a decisive trigger to determine the next move. Currently, BTC faces resistance at $64,000, with support holding at $61,600,” said Edul Patel, CEO of Mudrex.
Crypto Tracker
TOP COIN SETSAI Tracker4.25% BuyWeb3 Tracker0.91% BuyDeFi Tracker0.37% BuyCrypto Blue Chip – 50.34% BuyNFT & Metaverse Tracker-3.99% BuyTOP COINS (₹) Tether84 (0.04%)BuyBitcoin5,230,248 (-2.09%)BuyBNB47,330 (-2.26%)BuyEthereum203,733 (-2.37%)BuySolana12,017 (-3.87%)BuyAccording to the CoinDCX Research Team, “The crypto market remained relatively neutral in the past 24 hours, with slight drops in BTC and ETH following a dip in the U.S. market. Investors are anticipating U.S. CPI and PPI data later this week, which could increase market volatility.”
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View Details »Several other prominent cryptocurrencies saw declines, including BNB (-2.4%), Solana (-3.8%), XRP (-2.6%), Dogecoin (-6.1%), Toncoin (-3%), Cardano (-3.3%), Shiba Inu (-6.7%), and Chainlink (-5%).
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“The altcoin market is following Bitcoin’s trajectory. Major assets like Ethereum, XRP, Solana, BNB, and Cardano have posted declines as the overall crypto space waits for clearer direction,” said Vikram Subburaj, CEO of Giottus.
The volume of all stablecoins is now $72.93 billion, which is 91.3% 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, fell to $1.230 trillion. Bitcoin’s dominance is currently 56.86%, according to . BTC volume in the last 24 hours surged 63.4% to $33.3 billion.
“If Bitcoin holds current levels, it can consolidate towards $64,000 again. However, possible liquidation of the Silk Road Bitcoins by the US Govt. this week can push the asset below $60,000 before a sustained rally ensures,” Subburaj added.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of the Economic Times.)State Election Results
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