Crypto Price Today: Bitcoin, Ether Ledger Losses, Profits Hitting Ripple, Dogecoin Ahead of Potential Ether ETF in US

The overall cryptocurrency chart reflected losses close to those of most cryptocurrencies on Friday, May 24. Bitcoin posted a loss of around 1% on Friday to trade at a price of $71,771 (around Rs. 59.7 lakh) on Indian exchanges like CoinSwitch. Meanwhile, BTC was trading at $67,589 (around Rs. 56.2 lakh) on international exchanges like CoinMarketCap. According to market commentators, the key levels to cross for an upward move are $71,300 (around Rs. 59.3 lakh) and $73,800 (around Rs. 61.4 lakh).

Ether it posted a loss of 0.65% on Friday. With this, the value of ETH has reached $3,285 (approximately Rs. 2.73 lakh). Market analysts blame the current element of volatility affecting the cryptocurrency market on an upcoming update related to Ether.

“ETH continued to outperform BTC, which is a positive sign as ETH’s dominance increases. Over the past 24 hours, the market has remained highly volatile ahead of the ETH ETF approval, with ETH and related coins having seen significant fluctuations. SEC approval of the ETH spot ETF has brought stability to ETH price action,” CoinDCX’s markets desk told Gadgets360.

Solana, Cardan, Avalanche, Shiba Inu, Polka dot, Chain shirtAND Tron joined BTC and ETH in recording losses.

Uniswap, Leo, Cosmos, Chrono, StellarAND Monero also recorded losses.

The overall valuation of the cryptocurrency market stands at $2.54 trillion (around Rs. 2,11,33,765 crore) after suffering a loss of 1.87%, it showed CoinMarketCap.

“The cryptocurrency market capitalization may face its next concrete resistance at $2.55 trillion (around Rs. 2,12,14,342 crore), suggesting potential for further gains from current levels. This tempers the excitement of the recent rally, highlighting that some profit-taking or consolidation may be on the horizon before a more significant move higher,” Rajagopal Menon, vice president of cryptocurrencies at WazirX, told Gadgets360.

In the meantime, Bind, Binance coin, Ripple, Dogemoneta, Bitcoin CashAND Polygon recorded earnings.

Market analysts predict that volatility will prevail on cryptocurrency charts for the next few days.

“Yesterday, the SEC approved eight Ethereum ETFs, causing increased price volatility in the cryptocurrency market. However, these ETFs are not yet authorized for trading, but issuers of potential spot ETH ETFs include BlackRock, Fidelity, Grayscale, VanEck, Franklin Templeton, Ark/21Shares and Invesco/Galaxy,” Parth Chaturvedi, Head of Investments, CoinSwitch Ventures said told Gadget360.

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