Synopsis
Cryptocurrency prices exhibited mixed trends with Bitcoin trading above $62,000 despite minor volatility, and Ethereum gaining slightly. Solana and XRP faced small declines. Experts suggest easing geopolitical tensions and Binance’s NFT marketplace launch are influencing the market, while Bitcoin remains range-bound with key support at $60,000 and resistance at $63,100.
Cryptocurrency prices showed mixed trends on Wednesday. Bitcoin (BTC) remained volatile but managed to stay above the $62,000 level, while Ethereum (ETH) continued to hover around $2,400. Solana (SOL) and XRP saw slight dips in the past 24 hours.
As of 1:34 pm IST, Bitcoin was down 0.06%, trading at $62,240, while Ethereum gained 0.36% to reach $2,435.
“Cryptocurrencies have shown resilience amid traditional market fluctuations in the past 24 hours. Bitcoin remains strong above $62,000, with only a minor decline of 0.63%, while Ethereum has held stable,” said Shivam Thakral, CEO of BuyUcoin. Thakral attributed part of the market’s performance to easing geopolitical tensions in the Middle East, which could refocus investor interest on crypto assets.
Crypto Tracker
TOP COIN SETSAI Tracker5.28% BuySmart Contract Tracker3.70% BuyCrypto Blue Chip – 52.81% BuyWeb3 Tracker0.26% BuyNFT & Metaverse Tracker-2.09% BuyTOP COINS (₹) BNB48,913 (3.6%)BuyEthereum204,461 (0.54%)BuySolana12,019 (0.16%)BuyTether84 (0.02%)BuyBitcoin5,219,972 (-0.08%)BuyThakral added that the launch of Binance’s NFT marketplace has further boosted Bitcoin’s acceptance as a legitimate payment method. “Bitcoin is consolidating for a potential breakout, and with growing adoption and new platforms like Binance’s NFT marketplace, interest in cryptocurrencies is set to increase,” he said.
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The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.
View Details »Vikram Subburaj, CEO of Giottus, noted, “Bitcoin remains range-bound above $62,000, with technical indicators like RSI showing subdued buyer interest. Bitcoin could consolidate at these levels for a few days before attempting to break the $64,000 resistance. On the downside, bulls need to defend the $60,000 support to maintain the current market structure.”
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Several other major cryptocurrencies, including BNB, XRP, Dogecoin, Tron, Toncoin, and Shiba Inu, rose by up to 4%, while Cardano, Avalanche, Chainlink, Polkadot, and NEAR Protocol declined by as much as 2.5%.
The volume of all stablecoins is now $62.94 billion, which is 92.88% 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 56.74%, according to . BTC volume in the last 24 hours declined 19.92% to $26.78 billion.
“While inflows into spot ETFs have risen, this has yet to impact BTC’s price. Resistance has now lowered to $63,100, with support holding at $61,600. Meanwhile, Solana could experience notable price movement, fueled by Standard Chartered’s prediction of a potential 400% upside if Trump wins the upcoming elections,” said Edul Patel, CEO of Mudrex.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of the Economic Times.)
