Synopsis
The decline wasn’t limited to just a few altcoins and meme coins. BNB dropped by 1.5%, Solana by 2%, XRP by 6.9%, Toncoin by 1.2%, Dogecoin by 4.3%, Cardano by 1.6%, Avalanche by 4.4%, Shiba Inu by 11%, Polkadot by 4.2%, Chainlink by 4.4%, and NEAR Protocol by 3.5%.
Cryptocurrency markets traded lower on Thursday, dragged down by Bitcoin, Ethereum, and XRP. The global cryptocurrency market cap declined by 1.1% to around $2.37 trillion in the last 24 hours.
At 1:29 pm IST, Bitcoin (BTC) was trading 0.9% lower at $64,714, while Ethereum fell 1.5% to $3,434.
“Bitcoin (BTC) has surprisingly dropped in the last 24 hours after a surge in the last few days. Analysts are predicting a liquidity crunch in the stablecoin market for the price struggles of Bitcoin. There’s also a dip in overall optimism after Peter Schiff’s statement about his support for gold over Bitcoin, in addition to a new wave of negative sentiment due to the Mt. Gox sell-off,” said Rajagopal Menon, VP of WazirX.
Crypto Tracker
TOP COIN SETSAI Tracker23.59% BuyDeFi Tracker16.21% BuyBTC 50 :: ETH 5012.23% BuyWeb3 Tracker11.95% BuySmart Contract Tracker11.67% BuyTOP COINS (₹) Tether84 (0.11%)BuyBitcoin5,425,819 (-0.62%)BuyEthereum288,873 (-1.06%)BuyBNB48,052 (-1.08%)BuySolana13,353 (-1.66%)BuyEdul Patel, CEO of Mudrex, said, “If Bitcoin starts to rise again, it might encounter resistance at $65,000, with support found at $63,850. Meanwhile, Ethereum is trading at $3,400, with bulls aiming to push the price up to $3,730. Sellers are expected to put up a strong defence around the $4,000 mark.”
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View Details »Other altcoins and meme coins also declined, including BNB (1.5%), Solana (2%), XRP (6.9%), Toncoin (1.2%), Dogecoin (4.3%), Cardano (1.6%), Avalanche (4.4%), Shiba Inu (11%), Polkadot (4.2%), Chainlink (4.4%), and NEAR Protocol (3.5%).
The volume of all stablecoins is now $68.86 billion 92.36% of the total crypto market 24-hour volume, according to .
In the last 24 hours, the market cap of Bitcoin the world’s largest cryptocurrency fell to $1.276 trillion. Bitcoin’s dominance is currently 53.97%, according to . BTC volume in the last 24 hours declined 24.4% to $29.59 billion.
“Bitcoin is currently consolidating below $65,000 amid heightened trading activity. It is holding gains on the weekly chart but is facing significant resistance near $64,500. A successful weekly close above $65,000 could drive its positive momentum over the next few days,” said Vikram Subburaj, CEO of Giottus Crypto Platform.
Meanwhile, Sathvik Vishwanath, Co-Founder & CEO of Unocoin, said, “Currently, Bitcoin (BTC/USD) is trading around $65,000 with resistance levels at $65,980, $66,940, and $67,940 and support at $63,980, $63,020, and $62,330. RSI 61 and 50-day EMA at $63,020 indicate positive momentum and reinforce Svenson’s bullish forecast.”
(Disclaimer: The views expressed by experts are their own and do not necessarily reflect those of The Economic Times)
