The crypto market maintained its lacklustre trajectory for the third week of June with cryptocurrencies showing mixed prices stepping into the next week. Bitcoin on Monday, June 17 recorded a minor gain of 0.32 percent as per CoinMarketCap. With this, the price of this asset on international exchanges stands at $66,426 (roughly Rs. 55.4 lakh). On Indian exchanges like WazirX and CoinSwitch meanwhile, the value of Bitcoin stands at $71, 504 (roughly Rs. 59.7 lakh). The asset has found itself stagnated between these price points for a while now, with no big nudge anticipated anytime soon to result in changes.
“Bitcoin's price movement is flattened. Its closest support level lies at $64,825 (roughly Rs. 54 lakh), while the next resistance point awaits at $66,978 (roughly Rs. 66.9 lakh),” Edul Patel, CEO of Mudrex told Gadgets360.
Ether rose in value by 3.45 percent on Monday. With this, Ether is presently trading around the price point of $3,232 (roughly Rs. 2.70 lakh).
“ETH staged a sharp comeback this week, finding support at its key 50-day moving average (SMA) around $3,415 (roughly Rs. 2.85 lakh). The next hurdle for bulls is the 20-day EMA currently sitting at $3,612 (roughly Rs. 3 lakh). However, a breakdown below the 20-day EMA and a daily close under the 50-day SMA could trigger a fresh decline towards the crucial support zone around $2,850 (roughly Rs. 2.38 lakh),” Rajagopal Menon, Vice President, WazirX told Gadgets360.
Cardano, Tron, Polkadot, Chainlink, Uniswap, Near Protocol, and Polygon reflected profits.
Litecoin, Leo, Stellar, Cosmos, and Underdog also recorded minor profits.
The overall crypto market cap rose by 0.44 percent in the last 24 hours. With this, the crypto sector valuation stands at $2.42 trillion (roughly Rs. 2,02,14,054 crore), showed CoinMarketCap.
A bunch of cryptocurrencies registered losses also on Monday. These include Tether, Ripple, Dogecoin, Shiba Inu, and Avalanche.
Price dips also struck Cronos, Bitcoin SV, and Elrond.
“Despite a strong labour market, the US, the largest consumer base for crypto, is being cautious with their altcoin market investments. California is set to host a meeting in Washington regarding crypto asset regulation which is being touted as the most significant event till date involving all stakeholders. This is a precursor to the US elections where crypto will be a significant pivot for both parties,” Menon added.
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