Bitcoin, Ether Stable Amid Volatility, Most Altcoins Hit by Downturn
The cryptocurrency market witnessed volatility across most cryptocurrencies on Wednesday, June 26. Bitcoin recorded a minor decline of 0.29 percent, seeing its price fall from $63,200 (approximately Rs. 52.8 lakh) to $61,752 (approximately Rs. 51.5 lakh) on foreign exchanges like CoinMarketCap. Meanwhile, on domestic exchanges, Bitcoin’s value is trading at $60,145 (approximately Rs. 50.2 lakh). However, the Bitcoin chart needs significant selling pressure on the downside to retest $70,000 (approximately Rs. 58.4 lakh).
“Bitcoin, after testing $58,000 (roughly Rs. 48.4 lakh) on Monday, has recovered to $62,000 (roughly Rs. 51.9 lakh) in the past 24 hours. This move coincided with a recovery in Nvidia and the Nasdaq Composite, both of which saw their worst days since April in the previous session,” Edul Patel, CEO of Mudrex, told Gadgets360.
Ether saw a small price increase of 2.63 percent on the crypto price tracker on Wednesday. Ether is currently trading at $3,725 (roughly Rs. 3.11 lakh) on domestic exchanges and $3,387 (roughly Rs. 2.82 lakh) on international exchanges at the time of writing.
“The sharp drop is unexpected in light of the expected approval of spot Ether exchange-traded funds (ETFs) in the US in July, which had fueled optimism for a significant price recovery. Significant price movements so far this year ETH rose after a breakout above the ‘Descending Triangle’ pattern to $3,977 (approximately Rs. 33 lakh) and started consolidating in a range of $3,900 (approximately Rs. 3.25 lakh) to $3,700 (approximately Rs. 3.08 lakh),” ZebPay Trade Desk told Gadgets360.
The cryptocurrencies that suffered losses on Wednesday included Binance Coin, Ripple, Tron, Near Protocol, Uniswap, Polygon, Leo and Cosmos.
Cryptocurrencies that are profitable include Tether, Solana, Dogecoin, Cardano, Shiba Inu, and Avalanche.
Chainlink, Polkadot, Litecoin, Stellar, Bitcoin SV and Elrond also managed to maintain small gains on the price charts.
The overall crypto market has seen a 0.91 percent increase in value over the past 24 hours. As of Wednesday, the crypto market cap stands at $2.28 trillion (approximately Rs. 1,90,34,922 crore), indicating MintMarketCap.
“In altcoins, memecoins continued to dominate the day’s biggest gainers, with Coinbase L2’s leading memecoin, BRETT, and Ethereum’s PEPE topping the charts. Both memecoins are inspired by artist Matt Furie’s comic series ‘The Boy’s Club,’” the CoinSwitch Markets Desk told Gadgets360.
