Synopsis
Major cryptocurrencies declined on Friday, with Bitcoin below $59,500 and altcoins like XRP and Solana dropping. The global market cap fell 1% to $2.08 trillion amid regulatory and earnings concerns.
Major cryptocurrencies were in the red on Friday, with Bitcoin falling below $59,500 and altcoins like XRP, Toncoin, and Solana among the top laggards. The global cryptocurrency market cap dropped by 1% to approximately $2.08 trillion in the last 24 hours.
As of 1:14 pm IST, Bitcoin was trading at $59,390, down nearly 0.5%, while Ethereum declined by 1% to $2,525.
“The cryptocurrency market saw a downturn due to factors like the House Financial Services Committee’s planned hearings on DeFi and ‘pig butchering’ scams, as well as Nvidia’s disappointing earnings report,” said Avinash Shekhar, Co-Founder & CEO of Pi42. AI-related tokens such as Render and Injective were hit particularly hard, falling by 7% and 3% respectively. Despite recent volatility, Bitcoin and Ethereum are showing signs of consolidation at $59,000 and $2,500, continuing the downward trend that began in March.
Crypto Tracker
TOP COIN SETSNFT & Metaverse Tracker-5.69% BuyCrypto Blue Chip – 5-8.00% BuySmart Contract Tracker-8.60% BuyAI Tracker-15.32% BuyDeFi Tracker-15.87% BuyTOP COINS (₹) Bitcoin4,986,567 (0.11%)BuyTether84 (0.09%)BuyEthereum211,532 (-0.82%)BuyBNB44,824 (-1.05%)BuySolana11,699 (-3.53%)BuyEdul Patel, CEO of Mudrex, noted that Bitcoin is struggling to break through the $65,000 resistance level. “If bearish momentum continues, we could see Bitcoin drop to $55,700,” he said. He also highlighted the critical support level for Ethereum at $2,300, warning that a breach could lead to a retest of the $2,111 mark.
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View Details »Vikram Subburaj, CEO of Giottus, pointed out that Bitcoin has failed to surpass the $60,500 resistance and has returned to its previous consolidation zone near $59,000. “Key indicators like RSI and MACD suggest an extended range-bound price action, as buyer interest remains weak,” he said.
Altcoins also struggled, with BNB, Solana, XRP, Dogecoin, Toncoin, Cardano, Shiba Inu, Chainlink, and NEAR Protocol experiencing declines of up to 4% in the past 24 hours.
Stablecoins accounted for 93.56% of the total crypto market’s 24-hour volume, which stood at $63.09 billion, according to .
Bitcoin’s market cap fell to $1.170 trillion, with its dominance at 56.34%. The 24-hour trading volume for Bitcoin also decreased by 8.45% to $33.26 billion.
“Bitcoin faced rejection at the daily resistance of $65,379 and is down 7.5% over the past two days. If it drops below $58,783, it could further decline to test the daily support level of $56,002,” said Sathvik Vishwanath, Co-Founder & CEO of Unocoin. He added that indicators like the Relative Strength Index (RSI) and the Awesome Oscillator (AO) are showing signs of weakening momentum, suggesting a potential bearish trend.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of the Economic Times)
