Synopsis
BTC faced challenges from ETF flows and macro data but surged with inflows. Altcoins gained traction as Bitcoin’s dominance dropped. Vikram Subburaj noted market frontrunning impacting Bitcoin. Solana and Cardano surged amidst varied altcoin movements.
Bitcoin fell nearly 2% and traded at $61,149.82 today, extending its losses to 8% over the last seven trading sessions. However, other major crypto tokens were trading in the green viz. Solana, Toncoin, Cardano, Avalanche, BNB XRP, Dogecoin, Tron and Shiba Inu which were up between 9% and 0.67% around 12:30 pm India time.
Altcoins like Ethereum and Tether were trading flat, though the bias was positive.
Bitcoin fell to sub 60,000 levels for the first time since February this year.
Crypto Tracker
TOP COIN SETSWeb3 Tracker9.28% BuyNFT & Metaverse Tracker6.86% BuyBTC 50 :: ETH 505.83% BuyCrypto Blue Chip – 55.81% BuyAI Tracker1.30% BuyTOP COINS (₹) Bitcoin5,303,812 (3.25%)BuySolana12,368 (3.14%)BuyEthereum290,978 (2.43%)BuyBNB48,518 (0.98%)BuyTether83 (0.16%)BuyBitcoin has reclaimed $61,000 after dropping more than 5% to $58,500 overnight, Vikram Subburaj, CEO at Giottus Crypto Platform, said he attributed the sell-off to market frontrunning at the impending $9 billion distribution of Mt. Gox assets in July. In his view, the sharp fall in Bitcoin’s dominance today was on account of traction towards altcoins. The AI based tokens and memecoins had rebound well and could become the leading narratives this market cycle, he added. Fetch.ai (FET) and Lido Dai (LIDO) are amongst the top performing coins in the top 100.
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View Details »For now, there is a strong support zone below $60,000 for Bitcoin that should hold with $56,000 level as next support.
Echoing a similar sentiment, a note from CoinSwitch Markets Desk highlighted how altcoins were showing resilience, maintaining their positions even as BTC’s dominance plummeted . Despite being in a bearish trend for the past 18 days, BTC appears to have found support at $58.5k USD, the note said.
Shivam Thakral, CEO of BuyUcoin, expects the market sentiment to remain slightly on the negative side which may keep the investors on their toes in the coming weeks.
The crypto market has remained choppy with the BTC declining due to negative ETF flows and poor macro data from prior weeks. Contrary to the current trends, the surge in BTC prices have been on the back of strong ETF inflows in this crypto asset.
BTC has taken a significant hit with $630 million pulled from BTC investment products, signaling growing investor caution and market volatility, Avinash Shekhar, CoFounder & CEO, Pi42 corroborated. This drop is driven by insufficient new liquidity and significant sell pressure from token unlocks, he added.
“High FDV coins launching at inflated valuations limit price discovery, and the market’s skew towards private investments leaves retail investors feeling disadvantaged. BTC’s market cap is now below $1.2 trillion, with total liquidations over $320 million. Exchanges should enforce better token distribution to prioritize community allocation and larger pools for genuine users” Shekhar opined.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
