Ethereum
Bitcoin Falls Below $62,000, THORChain Becomes Top Gainer
Bitcoin (BTC), the world’s oldest and most valuable cryptocurrency, fell below $63,000 early Wednesday. Other popular altcoins – including Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) – saw a mix of minor declines and gains as the overall fear index and market greed stood at 52 (neutral) out of 100, according to CoinMarketCap data. The THORChain token became the biggest gainer of the lot, surging over 7% over 24 hours. SUI became the biggest loser, down more than 7% over 24 hours.
The global crypto market cap stood at $2.28 trillion at the time of writing, recording a 24-hour decline of 1.29%.
Bitcoin (BTC) price today
Bitcoin price stood at $61,587.55, registering a 2.18% decline over 24 hours, according to CoinMarketCap. According to Indian exchange WazirX, the price of BTC stood at Rs 54.48 lakh.
Ethereum (ETH) Price Today
ETH price stood at $2,996.16, marking a 24-hour decline of 0.88% at the time of writing. According to WazirX, the price of Ethereum in India stood at Rs 2.65 lakh.
Dogecoin (DOGE) Price Today
DOGE recorded a 24-hour loss of 2.27%, according to data from CoinMarketCap, currently priced at $0.1475. According to WazirX, the price of Dogecoin in India stood at Rs 13.25.
Litecoin (LTC) price today
Litecoin recorded a 1.51% gain over 24 hours. At the time of writing, it was trading at $81.97. The price of LTC in India stood at Rs 7,264.
Ripple (XRP) price today
XRP price stood at $0.5213, a 24-hour loss of 0.77%. According to WazirX, the Ripple price stood at Rs 45.81.
Solana (SOL) Price Today
Solana price stood at $144.68, marking a 24-hour decline of 3.18%. According to WazirX, the SOL price in India stood at Rs 13,201.
Top Crypto Gainers Today (May 9)
According to CoinMarketCap data, here are the top five gainers in crypto over the past 24 hours:
THOR Chain (RUNE)
Price: $5.90
Gain over 24 hours: 7.68 percent
Kaspa (KAS)
Price: $0.1221
Gain over 24 hours: 7.51 percent
Cardano (ADA)
Price: $0.4634
Gain over 24 hours: 4.31 percent
Akash Network (AKT)
Price: $4.71
Gain over 24 hours: 3.88 percent
Arweave (AR)
Price: $39.12
Gain over 24 hours: 3.53 percent
Top Crypto Losers Today (May 9)
According to CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
Sui (SUI)
Price: $0.9936
Gain over 24 hours: 7.61 percent
Bittensor (TAO)
Price: $398.34
Gain over 24 hours: 6.68 percent
Wormhole (W)
Price: $0.6181
Gain over 24 hours: 6.07 percent
Lido DAO (LDO)
Price: $1.87
Gain over 24 hours: 5.95 percent
Worldcoin (WLD)
Price: $5.54
Gain over 24 hours: 5.28 percent
What crypto exchanges are saying about the current market scenario
Mudrex co-founder and CEO Edul Patel told ABP Live: “Bitcoin falls to $61,000 amid US regulatory concerns. Investors are also under pressure from uncertainty over US interest rates, with the Fed having indicated that it will keep rates unchanged in 2024. Despite this, Bitcoin is holding above the $60,000 level. The next support is at the $60,900 level and resistance is at the $62,700 level. Bitcoin will trade in a range between $60,000 and $63,000 in the coming days.
CoinSwitch Markets Desk noted: “BTC continues to struggle daily as it forms the third consecutive red candle, with the price briefly trading below $61,000. With the $60,000 price acting as a psychological support level, markets are more likely to be bullish than bearish. The targeted sectors remain primarily meme coins and AI-driven coins, which have seen the maximum growth during this cycle so far. Furthermore, there is finally a positive development around the now defunct cryptocurrency exchange FTX, because according to the latest draft recovery plan, around 98% of creditors are expected to receive 118% of what they had lost at 2022 prices.”
Rajagopal Menon, Vice President of WazirX, said: “Bitcoin bears reign supreme as its price fell to $61,000 from $63,000 in a matter of days. With a brief low at $60,900, the price consolidates at $61,662. The next resistance lies at $62,000. If we fail to break it, the price could face downward pressure that could eventually push it to $58,000 levels. If the bulls do not take over to break this resistance, market hurdles will persist for BTC.
Sathvik Vishwanath, CEO and co-founder of Unocoin, said: “Bitcoin hovers around $61,368 after 2.60% decline as billion-dollar Hong Kong liquid crypto ETF aims to stabilize markets. Wintermute is working with OSL and HashKey to increase the liquidity of new Bitcoin and Ethereum ETFs, encouraging participation from institutional and retail investors. Venture capital firms LD Capital, Analpha Ventures and Highblock provide expertise to ensure continuity of business operations. Tiger Broke’s launch of digital asset trading for professional investors complements this initiative and marks a pivotal week for Hong Kong’s fintech scene. Bitcoin price prediction indicates immediate support at $59,164 and resistance at $64,564, with technical indicators indicating slightly bullish momentum.
Shivam Thakral, CEO of BuyUcoin, said: “Bitcoin has entered the reaccumulation phase as it consolidates for over 2 months after the ATH. We can expect a further return to recent lows, a retest around the $59,000-$60,000 level. A clear break above $65,000 could restart the rally towards $70,000. Some Altcoins are hitting new yearly lows and there is bearish sentiment in the market concerned about the significant Altcoin unlock in the coming weeks.
The CoinDCX research team told ABP Live: “Over the past 24 hours, the crypto market remained in a sideways trend, with mixed trading for altcoins. BTC and ETH showed unstable price action due to a lack of significant macroeconomic announcements, which led to a decline in trading volume. ETF inflows also showed a slight negative trend. Technically, BTC experienced a break below the range on shorter time frames, finding support near the 0.5 Fibonacci level at $61,000. Continued upward movement from this level could signal positivity, but further confirmations are needed. ETH is currently hovering around a slightly above support level at $2,975. A break below this level could lead to a test of $2,875, while $3,200 remains a key resistance level on the upside.
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