News
Bitcoin Soars Above $57K, Memecoin Bonk Becomes Biggest Gainer
Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, managed to break above the $57,000 mark on Tuesday morning. Other popular altcoins, including Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC), landed in the green across the board, as the overall Market Fear & Greed index stood at 37 (Fear) out of 100, according to data from CoinMarketCap. Memecoin BONK emerged as the biggest gainer, jumping nearly 26 percent in 24 hours. JasmyCoin (JASMY) became the biggest loser, dropping nearly 3 percent in 24 hours.
At the time of writing, the global cryptocurrency market capitalization stood at $2.11 trillion, up 4.20% in 24 hours.
Bitcoin (BTC) Price Today
Bitcoin price was $57,248.54, up 3.76 percent in 24 hours, according to CoinMarketCap. According to Indian exchange WazirX, BTC price was Rs 52.26 lakh.
Ethereum (ETH) Price Today
ETH price was $3,068.66, marking a 24-hour jump of 6.38 percent at the time of writing. According to WazirX, Ethereum price in India was Rs 2.79 lakh.
Dogecoin (DOGE) Price Today
DOGE has seen a 24-hour gain of 5.30 percent, according to CoinMarketCap data, currently trading at $0.108. According to WazirX, Dogecoin price in India was Rs 9.88.
Litecoin (LTC) Price Today
Litecoin has seen a 5.62 percent jump in 24 hours. At the time of writing, it was trading at $65.19. LTC price in India was Rs 5,900.
Ripple (XRP) Price Today
XRP price was $0.4336, with a 24-hour gain of 4.48 percent. According to WazirX, Ripple price was Rs 39.24.
Solana (SOL) Price Today
Solana price was $140.54, marking a 24-hour jump of 7.39 percent. According to WazirX, SOL price in India was Rs 12,957.41.
Cryptocurrency Top Earnings Today (July 9)
According to CoinMarketCap data, here are the five cryptocurrencies that have seen the biggest gains in the last 24 hours:
Shot (shot)
Price: $0.00002588
Earnings in 24 hours: 25.67 percent
Celestia (TIA)
Price: $6.13
Earnings in 24 hours: 20.37 percent
You are (SIX)
Price: $0.2988
Earnings in 24 hours: 16.06 percent
Pepper (PEPPER)
Price: $0.000009519
Earnings in 24 hours: 15.35 percent
Ethena (ENA)
Price: $0.408
Earnings in 24 hours: 13.20 percent
Cryptocurrency’s Biggest Losers Today (July 9)
According to CoinMarketCap data, here are the cryptocurrencies that have lost the most in the last 24 hours:
JasmyCoin (JASMY)
Price: $0.02286
Loss in 24 hours: 2.58 percent
Bond gold (XAUt)
Price: $2,367.10
Loss in 24 hours: 0.72 percent
What Cryptocurrency Exchanges Are Saying About the Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live: “Bitcoin dropped to $55,000 yesterday after the German government again transferred 16,309 Bitcoin from its holdings to cryptocurrency exchanges and market makers. However, it has since bounced and is now trading at $57,000. The next resistance levels are at $57,600 and $58,200. Meanwhile, Ethereum has traded above $3,000 and is targeting $3,110, which could signal the start of a rally towards $3,270.”
CoinSwitch Markets Desk noted, “With Bitcoin trading below the critical resistance level at $58.4k, bears are trying to tighten their grip even as the German government has already sold more than 50% of its original 50,000 BTC holdings according to Arkham Intelligence data. ETH is also able to hold just above $3,000 even as ETF trading of the world’s largest cryptocurrency is closing in.”
Rajagopal Menon, Vice President, WazirX, said: “Bitcoin is consolidating losses above $55,000 after attempting to rally above $56,500 and $57,500. It failed to break above $58,200, forming a high at $58,129 before falling to a low of $54,954. It is now consolidating, with small gains above the 50% Fibonacci retracement level of $58,129 to $54,954. Bitcoin remains below $57,500 and the 100 hourly SMA, with immediate resistance near $57,250.”
Shivam Thakral, CEO of BuyUcoin, said, “The cryptocurrency market witnessed a highly volatile Monday after the German government moved over $900 million worth of assets from its bitcoin holdings, according to blockchain data. The transfer was made to cryptocurrency exchanges and a total of 8700 BTC was moved, which resulted in a 3% decline in BTC prices on Monday afternoon. However, Bitcoin bounced back to the $57,200 level, but this support level seems very weak. The increase in BTC supply in the market is good news as more BTC is available on exchanges for buying and trading activities. Ethereum, on the other hand, has recovered over 5% and is changing hands at the $3070 level.”
Sathvik Vishwanath, CEO and co-founder of Unocoin, said: “Germany continues to have a significant influence on the cryptocurrency market, holding 39,826 BTC worth $2.2 billion, representing approximately 9% of the $25.3 billion daily bitcoin trading volume. The stash, obtained from movie piracy site Movie2k.to, is gradually being liquidated, impacting BTC prices. Recent sales have seen a decline of nearly 20%, with the spot price hitting $55,490. There has been criticism of Germany’s strategy of selling BTC for fiat, which is seen as potentially damaging given the scarcity of Bitcoin compared to the unlimited printing of fiat. Meanwhile, Bitcoin miners are experiencing a “capitulation,” which could signal a market bottom, as they adjust to reduced profits amid market turmoil.”
CoinDCX research team told ABP Live: “Despite the German government’s selling pressure that has moved BTC to exchanges, the crypto market has shown resilience with positive returns over the past 24 hours. Technically, BTC needs to reclaim $58,500 for a bullish signal, while ETH needs to stay above $2,875. ETH/BTC has bounced off key support, helping some alts like TIA and ETHFI gain over 20% over the past 24 hours.”
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