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Bitcoin falls below $68,000, Injective becomes the best gainer
Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, remains on its downward trajectory and fell below the $68,000 mark early Tuesday. Other popular altcoins — including Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) — ended up in the red across the board as the overall market fear and greed index he remained standing. to 60 (Greed) out of 100, as per CoinMarketCap data. The Injective (INJ) token proved to be the one that gained the most, with a jump of more than 9% in 24 hours. Notcoin (NOT) became the biggest loser, dropping more than 14% in 24 hours.
At the time of writing, the global cryptocurrency market capitalization stood at $2.46 trillion, recording a 24-hour decline of 2.55%.
Bitcoin (BTC) price today
According to CoinMarketCap, the price of Bitcoin stood at $67,774.70, recording a decline of 2.37% in the 24 hours. According to Indian exchange WazirX, the price of BTC stood at Rs 60.33 lakh.
Ethereum (ETH) price today
At the time of writing, ETH price stood at $3,535.82, marking a 3.64% drop in 24 hours. According to WazirX, the price of Ethereum in India stood at Rs 3.18 lakh.
Dogecoin (DOGE) price today
DOGE posted a 24-hour loss of 2.26%, according to CoinMarketCap data, currently valued at $0.1411. According to WazirX, the price of Dogecoin in India stood at Rs 12.71.
Litecoin (LTC) price today
Litecoin recorded a 1.63% drop in 24 hours. As of this writing, it was trading at $78.18. The price of LTC in India stood at Rs 6,960.95.
Ripple (XRP) price today
XRP price settled at $0.4866, recording a loss of 1.90% in the 24-hour period. According to WazirX, Ripple price stood at Rs 43.49.
Solana (SOL) Price today
Solana’s price settled at $153.92, marking a 3.04% drop in 24 hours. According to WazirX, the SOL price in India stood at Rs 13,690.
Top cryptocurrency gains today (June 11)
According to CoinMarketCap data, here are the five biggest cryptocurrency gains in the last 24 hours:
Injective (INJ)
Price: $29.54
Earnings over 24 hours: 9.54%.
Gnosis (GNO)
Price: $349.16
Earnings over 24 hours: 8.85%.
Akash Network (AKT)
Price: $4.41
Earnings over 24 hours: 5.50%.
Oasis (PINK)
Price: $0.118
Earnings over 24 hours: 2.74%.
Flare (FLR)
Price: $0.02774
Earnings over 24 hours: 2.10%.
Top cryptocurrency losers today (June 11)
According to CoinMarketCap data, here are the top five cryptocurrency losers over the past 24 hours:
Notcoin (NOT)
Price: $0.05199
Loss in 24 hours: 14.05%.
Wormholes (W)
Price: $0.5522
Loss in 24 hours: 13.09%.
Mantra (OM)
Price: $0.9984
Loss in 24 hours: 8.01%.
JasmyCoin (JASMY)
Price: $0.03573
Loss in 24 hours: 6.90%.
Ethena (ENA)
Price: $0.7412
Loss in 24 hours: 6.83%.
What cryptocurrency exchanges are saying about the current market scenario
Mudrex co-founder and CEO Edul Patel told ABP Live: “Bitcoin is currently consolidating around the $68,000 level following recent liquidations. Investors and traders are closely watching the Federal Reserve’s upcoming press conference and the release of data on the consumer price index, both expected tomorrow. Bears are attempting to push the price below $68,000, but bulls may also engage in heavy buying at this level BTC is at $67,400 while resistance is at $68,600.”
Parth Chaturvedi, chief investment officer at CoinSwitch Ventures, said: “BTC failed to break out of all-time highs and fell by 2%. This shows that market sentiment in the short term. However, a price analysis since 2011 to date shows that BTC has actually delivered a CAGR of 104%, beating both the US stock market and Warren Buffett’s portfolio in terms of returns. The broader altcoin market is showing a bearish trend. The recently launched memecoin is NOT suffered the most, being down 14% as people took profits from TON’s main memecoin, PEPE, fell 9%, with overall 24-hour cryptocurrency market liquidations hitting. over 150 million dollars according to Coinglass data.
Rajagopal Menon, Vice President of WazirX, said: “Bitcoin (BTC) is facing intense pressure, dragging altcoins to new lows. Currently priced at $68,197, BTC is down 2.21% over the past 24 hours. The struggle to break out of all-time highs is tied to the slowdown in stablecoin minting after the halving However, a head-to-shoulder formation in BTC could soon break the resistance line, potentially pushing its price towards $83,000 in the near term. “
Sathvik Vishwanath, CEO and co-founder of Unocoin, said: “The end of the US-Saudi Arabia petrodollar agreement on June 9, 2024 marks a significant shift in global financial dynamics from which Bitcoin could benefit. As Saudi Arabia explores alternatives such as the Chinese RMB, euro and digital currencies, the move could reduce dependence on the US dollar and increase inflation. Bitcoin, with its fixed supply and decentralized nature, could become the preferred hedge against inflation As traditional fiat currencies devalue, Bitcoin’s attractiveness as an investment could increase, leading to long-term appreciation. Trading at $69,600 with resistance at $70,100, Bitcoin futures appear bullish if they remain above the pivot point. of $69,100.
Shivam Thakral, CEO of BuyUcoin, said: “Bitcoin-led investment activity added over $1.97 billion in inflows while Ethereum witnessed its best performance since March adding nearly $70 million in inflows according to data from Coinshares. The recent price decline has spurred buying activity primarily from institutional investors as digital assets prepare for the next bull run. Regulatory developments and positive macroeconomic factors could lead to greater momentum in the second mid-2024”.
The CoinDCX research team told ABP Live: “Over the past 24 hours, the cryptocurrency market continued to slide lower. BTC touched $68,000 while ETH fell below $3,600. Altcoins also recorded significant declines. This week will be important and highly volatile for the cryptocurrency market due to the upcoming FOMC meetings and the US CPI and PPI announcements. Technically, the trend is bearish on the lower time frame, but on the upper time frame it remains bullish.”
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