Bitcoin
Bitcoin Soars Above $71,000, FLOKI Becomes Biggest Gainer
Bitcoin (BTC), the oldest and most valued cryptocurrency in the world, managed to surpass the US$71,000 mark on Wednesday morning. Other popular altcoins – including Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) – fell into the green across the board as the market’s overall fear and greed index held steady. at 65 (Greed) out of 100, according to data from CoinMarketCap. Memecoin FLOKI emerged as the biggest gainer with a jump of almost 24% in 24 hours. Wormhole (W) became the biggest loser with a drop of almost 8% in 24 hours.
The global crypto market capitalization stands at $2.63 trillion at the time of writing, recording a 2.70% gain in 24 hours.
Bitcoin (BTC) price today
The price of Bitcoin stood at US$71,003.22, registering a 3% jump in 24 hours, according to CoinMarketCap. According to Indian exchange WazirX, the price of BTC was Rs 61.18 lakh.
Ethereum (ETH) price today
ETH price stood at $3,789.52, marking a 0.93% gain in 24 hours at the time of writing. According to WazirX, the price of Ethereum in India was Rs 3.27 lakh.
Dogecoin (DOGE) price today
DOGE recorded a 3.27% gain in 24 hours, according to data from CoinMarketCap, currently trading at US$0.1625. According to WazirX, the price of Dogecoin in India was Rs 13.71.
Litecoin (LTC) price today
Litecoin jumped 2.32% in 24 hours. At the time of writing, it was trading at $83.82. The price of LTC in India was Rs 7,126.77.
Ripple (XRP) Price Today
The price of XRP stood at $0.525, registering a jump of 1.08% in 24 hours. According to WazirX, the price of Ripple was Rs 45.50.
Solana (SOL) price today
Solana’s price stood at US$174.02, marking a gain of 5.44% in 24 hours. According to WazirX, the price of SOL in India was Rs 14,302.01.
Top Crypto Gainers Today (June 4)
According to data from CoinMarketCap, here are the top five crypto gainers in the last 24 hours:
FLOKI (FLOKI)
Price: $0.0003267
24 hour gain: 23.60 percent
Uniswap (UNI)
Price: $11.21
24 hour gain: 17.84 percent
ORDI (ORDI)
Price: $55.17
24 hour gain: 16.15 percent
Batteries (STX)
Price: $2.23
24 hour gain: 13.30 percent
Binance (BNB)
Price: US$704.53
24 hour gain: 11.49 percent
Top Crypto Losers Today (June 4)
According to data from CoinMarketCap, here are the top five crypto losers in the last 24 hours:
Wormhole (W)
Price: $0.6388
24 hour loss: 7.74 percent
Notcoin (NOT)
Price: $0.02264
24 hour loss: 6.59 percent
Ethena (ENA)
Price: $0.9599
24 hour loss: 2.99 percent
Flare (FLR)
Price: $0.02846
24 hour loss: 1.72 percent
Ronin (RON)
Price: $3.15
24 hour loss: 4.10 percent
What cryptocurrency exchanges are saying about the current market scenario
Mudrex co-founder and CEO Edul Patel told ABP Live: “Bitcoin hovered above $70,000 on inflows into Bitcoin spot ETFs. Over the past 30 days, it has consistently held its key support level of $60,000, a crucial benchmark for traders. Showing positive momentum, Bitcoin could continue to rise. The next resistance level is $71,200 with support at $69,400. Investors and traders are also eagerly awaiting the release of US employment data on Friday.”
CoinSwitch Markets Desk noted: “With BTC rising towards all-time highs with market sentiment as bullish as it could have been with the Ether ETF launching soon, the Bitcoin ETF has now seen 15 consecutive days of net inflows with iBit from Blackrock now holds for the first time over $20 billion in assets under management, of which around $2.4 billion came in the last month, making it the third largest entry in the entire ETF market.”
Rajagopal Menon, vice president at WazirX, said: “Bitcoin indicates strong buying sentiment as it was able to cross its most recent resistances and find new support levels. Bitcoin briefly reached $71,040 before pulling back, a key price level that traders are watching as it approaches its all-time high of $73,679. US spot Bitcoin ETFs also experienced their second-largest net inflows, totaling $887 million. Fidelity Wise, BlackRock and ARK 21 shares led the pack. In addition to these factors, the buzz around ETFs extending beyond the US to Hong Kong and Australia has also generated an optimistic buzz in the market.”
Sathvik Vishwanath, CEO and co-founder of Unocoin, said: “During the US session, Bitcoin reached close to $71,000 but failed to sustain it and closed at $70,250. The recent Job Openings and Labor Turnover Survey (JOLTS) showed a decline in jobs, indicating a cooling labor market, which could drive investors to Bitcoin. Bitcoin broke out of a symmetrical triangle pattern at $69,000, indicating an uptrend. The pivot point is at $68,450, with immediate resistance at $71,200. The RSI at 66.95 indicates overbought conditions, indicating potential near-term downside. The key levels to watch are the pivot point at $68,450 and resistance at $71,200.”
Shivam Thakral, CEO of BuyUcoin, said: “Bitcoin price continued to climb northward as it broke the psychological barrier of $70,000 at the start of trading. Ethereum, which follows the trail of BTC, also witnessed a marginal jump in its value and surpassed the $3,800 mark. Spot ETFs added $2.4 billion in assets last month, according to data from Bloomberg Intelligence. Strong demand from institutional investors is driving Bitcoin prices currently and positive macroeconomic factors will help the crypto market sustain the momentum in the coming weeks.”
The CoinDCX research team told ABP Live: “BTC now needs to reach its ATH level at around $73,500 to break the range and form a new ATH. Mortgage rates are still neutral, which is positive. Technically, the price action looks bullish. The only concern is that on March 12, when ETF flows peaked, BTC formed a local top. However, the chances of a local top forming now appear unlikely as other indicators are bullish.”
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss resulting from such transactions. Cryptocurrency is not legal tender and is subject to market risks. Readers are advised to seek expert advice and carefully read the offering document(s), together with important related literature on the subject, before making any type of investment. Cryptocurrency Market forecasts are speculative and any investment made will be at the sole risk of the readers.