Bitcoin
Bitcoin Drops Below $62,000, THORChain Becomes Biggest Gainer
Bitcoin (BTC), the world’s oldest and most valuable cryptocurrency, fell below the $63,000 mark on Wednesday morning. Other popular altcoins – including Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) – saw a mix of small drops and gains as the market’s overall Fear and Greed Index stood at 52 (Neutral) out of 100, according to data from CoinMarketCap. The THORChain token emerged as the biggest gainer of the lot with a jump of over 7% in 24 hours. SUI became the biggest loser, falling more than 7% in 24 hours.
The global crypto market capitalization stands at $2.28 trillion at the time of writing, recording a drop of 1.29% in 24 hours.
Bitcoin (BTC) price today
The price of Bitcoin stood at US$61,587.55, recording a drop of 2.18% in 24 hours, according to CoinMarketCap. According to Indian exchange WazirX, the price of BTC was Rs 54.48 lakh.
Ethereum (ETH) price today
ETH price stood at $2,996.16, marking a drop of 0.88% in 24 hours at the time of writing. According to WazirX, the price of Ethereum in India was Rs 2.65 lakh.
Dogecoin (DOGE) price today
DOGE recorded a loss of 2.27% in 24 hours, according to data from CoinMarketCap, currently trading at $0.1475. According to WazirX, the price of Dogecoin in India was Rs 13.25.
Litecoin (LTC) price today
Litecoin gained 1.51% in 24 hours. At the time of writing, it was trading at $81.97. The price of LTC in India was Rs 7,264.
Ripple (XRP) Price Today
XRP price stood at $0.5213, recording a loss of 0.77% in 24 hours. According to WazirX, the price of Ripple was Rs 45.81.
Solana (SOL) price today
Solana’s price stood at US$144.68, marking a drop of 3.18% in 24 hours. According to WazirX, the price of SOL in India was Rs 13,201.
Top Crypto Gainers Today (May 9)
According to data from CoinMarketCap, here are the top five crypto gainers in the last 24 hours:
THORChain (RUNA)
Price: $5.90
24 hour gain: 7.68 percent
Kaspa (KAS)
Price: $0.1221
24 hour gain: 7.51 percent
Cardano (ADA)
Price: $0.4634
24 hour gain: 4.31 percent
Akash Network (AKT)
Price: $4.71
24 hour gain: 3.88 percent
Arweave (AR)
Price: $39.12
24 hour gain: 3.53 percent
Top Crypto Losers Today (May 9)
According to data from CoinMarketCap, here are the top five crypto losers in the last 24 hours:
Sui (SUI)
Price: $0.9936
24 hour gain: 7.61 percent
Bittensor (TAO)
Price: $398.34
24 hour gain: 6.68 percent
Wormhole (W)
Price: $0.6181
24 hour gain: 6.07 percent
Lido DAO (LDO)
Price: $1.87
24 hour gain: 5.95 percent
Worldcoin (WLD)
Price: $5.54
24 hour gain: 5.28 percent
What cryptocurrency exchanges are saying about the current market scenario
Mudrex co-founder and CEO Edul Patel told ABP Live: “Bitcoin drops to $61,000 amid US regulatory concerns. Investors are also pressured by uncertainty over US interest rates, as the Fed has signaled to keep rates unchanged through 2024. Despite this, Bitcoin has been holding strong 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 between $60,000 and $63,000 in the coming days.”
CoinSwitch Markets Desk noted: “BTC continues to struggle daily as it forms the third red candle in a row, with the price briefly trading below $61K. With the $60K price mark acting as a psychological support level, markets are more likely to be bullish than bearish. The sectors in focus continue to be mainly meme coins and AI-focused coins, which have seen the maximum growth in this cycle so far. In other news, there is finally some positive development around the now-defunct cryptocurrency exchange FTX, as according to the latest draft recovery plan, approximately 98% of creditors are expected to receive 118% of what they lost, at prices of 2022.”
Rajagopal Menon, vice president at WazirX, said: “Bitcoin bears reign supreme as its price has consequently fallen to levels of $61K from $63K in a few days. With a brief low of $60,900, the price is consolidating at $61,662. The next resistance is at $62,000. If it fails to break this, the price could face downward pressure that could eventually push it towards $58K levels. If bulls do not take control to break this resistance, market headwinds will persist for BTC.”
Sathvik Vishwanath, CEO and co-founder of Unocoin, said: “Bitcoin is hovering around $61,368 after a 2.60% drop as Hong Kong’s $1 billion crypto ETF liquid fund aims to stabilize markets . Wintermute works with OSL and HashKey to increase liquidity for new Bitcoin and Ethereum ETFs, encouraging participation from institutional and retail investors. Venture firms LD Capital, Analpha Ventures and Highblock are contributing expertise to ensure continuity of business operations. The launch of digital asset trading for professional investors by Tiger Broke complements this initiative and signals a pivotal week for Hong Kong’s fintech scene. Bitcoin price predictions point to immediate support at $59,164 and resistance at $64,564, with technical indicators pointing to 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 another trip to the recent lows, a retest around the $59,000-60,000 level again. 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 large Altcoin unlocks in the coming weeks.”
The CoinDCX research team told ABP Live: “Over the past 24 hours, the crypto market has remained in a sideways trend, with mixed trading observed in altcoins. BTC and ETH displayed unstable prices amid a lack of significant macro announcements, leading to lower trading volume. ETF inflows also showed a slight negative trend. Technically, BTC has collapsed below the range on shorter time frames, finding support near the 0.5 Fibonacci level at $61,000. A continued upward movement from this level could signal positivity, but further confirmation is needed. ETH is currently hovering around a support level slightly above $2,975. A breach 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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