The cryptocurrency market is displaying volatility across most cryptocurrencies on Wednesday, June 26. Bitcoin recorded a minor drop of 0.29 percent that dragged down its price from $63,200 (roughly Rs. 52.8 lakh) to the mark of $61,752 (roughly Rs. 51.5 lakh) on foreign exchanges like CoinMarketCap. On national exchanges, meanwhile, the value of Bitcoin stands at the mark of $60,145 (roughly Rs. 50.2 lakh). However, the Bitcoin chart needs significant sell pressure on the downside to test $70,000 (roughly Rs. 58.4 lakh) again.
“Bitcoin after testing the $58,000 (roughly Rs. 48.4 lakh) on Monday rebounded 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 experienced their worst days since April in the previous session,” Edul Patel, CEO of Mudrex told Gadgets360.
Ether showed a minor price hike of 2.63 percent on the crypto price tracker on Wednesday. Ether, at the time of writing, is trading at $3,725 (roughly Rs. 3.11 lakh) on national exchanges and $3,387 (roughly Rs. 2.82 lakh) on international ones.
“The sharp fall is unexpected in light of the anticipated approval of spot Ether exchange-traded funds (ETFs) in the U.S. in July, which had fuelled optimism for a significant price recovery. Significant Year to Date price movements ETH after giving a breakout above the ‘Descending Triangle' pattern rallied up to $3,977 (roughly Rs. 33 lakh) and started to consolidate in a range from $3,900 (roughly Rs. 3.25 lakh) to $3700 (roughly Rs. 3.08 lakh),” the ZebPay Trade Desk told Gadgets360.
As of Wednesday, cryptocurrencies trading in losses include Binance Coin, Ripple, Tron, Near Protocol, Uniswap, Polygon, Leo, and Cosmos.
Cryptocurrencies trading in profits, meanwhile, include Tether, Solana, Dogecoin, Cardano, Shiba Inu, and Avalanche.
Chainlink, Polkadot, Litecoin, Stellar, Bitcoin SV, and Elrond also managed to retain small gains on the price charts.
The overall crypto market managed to rise by 0.91 percent in valuation over the last 24 hours. As of Wednesday, the crypto market cap stands at $2.28 trillion (roughly Rs. 1,90,34,922 crore), shows CoinMarketCap.
“In altcoins, memecoins continued to dominate the top movers of the day, with Coinbase L2's leading memecoin, BRETT, and Ethereum's PEPE topping the charts. Both of these memecoins are inspired by artist Matt Furie's comic series, ‘The Boy's Club',” the CoinSwitch Markets Desk told Gadgets360.
