In Friday's trading session, the crypto tokens displayed mixed performance. Bitcoin, BNB, Solana, Dogecoin, and Cardano showed gains, trading up to 2% higher. Meanwhile, Ethereum, XRP, Toncoin, Internet Computer, and Uniswap experienced losses, trading 1-3% lower.
The global cryptocurrency market cap rose marginally by 0.13% to around $2.64 trillion in the last 24 hours.
Bitcoin was up 0.7% at $71,025 as of 11:03 a.m., while Ethereum was below the $3,550 level.
Crypto Tracker
Edul Patel, CEO of Mudrex, said, "Bitcoin has climbed back above $70,000, a level not seen since March 25th in anticipation of the upcoming Bitcoin Halving. The $71,200 level presents the next resistance, with support at $69,100. If current momentum persists and buying interest holds steady, Bitcoin may retest its previous all-time high."
Meanwhile, Parth Chaturvedi, Investments Lead at CoinSwitch, said, "BTC continues to trade above its newly found base at $70k. However, Bitcoin’s 7-day average mining hashrate has started approaching its ATH value, increasing the mining difficulty by 4%. An increased hashrate results in increased security for the network. This may bring buying pressure for BTC, with potential resistance at around $71.2k."
The total volume in DeFi is currently $7.54 billion, 9.56% of the total crypto market 24-hour volume. The volume of all stablecoins is now $72.24 billion, which is 91.65% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.
In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, rose to $1.396 trillion. Bitcoin's dominance is currently 52.97%, according to CoinMarketCap. BTC volume in the last 24 hours fell 26% to $30.3 billion.
Tech view by Sathvik Vishwanath, Co-Founder & CEO, Unocoin
Technical indicators such as the 30-day moving average and relative strength index suggest increasing momentum without entering overbought territory. Converging resistance and support levels indicate a significant move forward, potentially fueled by a halving.
Analysts anticipate a short-term sell-off after the halving but expect long-term price appreciation due to reduced supply. With BTC only 4% off its all-time high, projections suggest it could reach $75,000 by May and $80,000 to $90,000 by Q3 2024.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
FAQs
When long positions are liquidated, traders who are betting on prices going up are forced to sell their positions, often at a loss. This increased selling pressure has driven the crypto market valuation lower today.
Why has Ethereum dropped so low? ›
The launch of Ethereum (ETH) spot ETFs in the U.S. saw unexpected price declines due to factors like a 'sell-the-news' event, significant outflows from Grayscale Ethereum Trust, long position liquidations, and broader market downturns.
What is happening to crypto today? ›
Cryptocurrency Prices Today By Market Cap
The global cryptocurrency market cap today is $2.12 Trillion, a -1.31% change in the last 24 hours.
Why is Ethereum less valuable than Bitcoin? ›
Bitcoin and Ethereum are example of cryptocurrencies that have risen in popularity. Bitcoin's value rests mostly on its status as the first cryptocurrency and as an alternative to fiat currency, while Ethereum (Ether) offers more utilitarian value through its ecosystem of decentralized apps.
Why is Ethereum crashing? ›
How is the Crypto Market Performing? The crypto market is in a significant surrendering phase, with Ethereum and Bitcoin experiencing sharp declines. The key market factors include political uncertainty, geopolitical tensions, economic data, and ETF performance.
Why is the crypto market crashing today? ›
This downturn is driven by regulatory pressures, adverse macroeconomic factors like weak US job data, and the Japanese stock market crash. Investors, fearing a prolonged bearish trend, are reacting with increased volatility and panic," said CoinSwitch Markets Desk.
Which crypto will boom in 2024? ›
Top 10 Cryptos in 2024
| Coin | Market Capitalization | Current Price |
|---|
| Ethereum (ETH) | $287.89 billion | $2,393 |
| Binance Coin (BNB) | $73.99 billion | $507.14 |
| Solana (SOL) | $62.45 million | $133.76 |
| Ripple (XRP) | $30.62 billion | $0.54 |
6 more rowsSep 6, 2024
Ethereum (ETH) Price Prediction Table
| Year | Average Price* | Percent Increase |
|---|
| 2024 | $2,703.03 | -% |
| 2025 | $4,130.87 | 100.00% |
| 2026 | $5,298.45 | 25.00% |
| 2027 | $6,984.88 | 20.00% |
8 more rowsEthereum (ETH) Price Prediction 2030
| Year | Price |
|---|
| 2024 | $ 2,413.70 |
| 2025 | $ 2,534.38 |
| 2026 | $ 2,661.10 |
| 2027 | $ 2,794.15 |
1 more rowIs Crypto a Good Investment Today? Yes, crypto is a good investment today – but only if you understand the risks involved. Much like stocks, real estate, or commodities, crypto assets vary widely.
- Bitcoin (BTC) Price: $58,712.17. Market cap: $1.2 trillion. ...
- Ethereum (ETH) Price: $2,309.63. Market cap: $277.9 billion. ...
- BNB (BNB) Price: $547.68. Market cap: $79.9 billion. ...
- Solana (SOL) Price: $131.99. ...
- XRP (XRP) Price: $0.57. ...
- Dogecoin (DOGE) Price: $0.10. ...
- Toncoin (TON) Price: $5.50. ...
- TRON (TRX) Price: $0.15.
So, who are the top holders of BTC? According to the Bitcoin research and analysis firm River Intelligence, Satoshi Nakamoto, the anonymous creator behind Bitcoin, is listed as the top BTC holder as of 2024. The company notes that Satoshi Nakamoto holds about 1.1m BTC tokens in about 22,000 different addresses.
Is it better to hold Bitcoin or Ethereum? ›
The answer to the question of which cryptocurrency is better in the choice between Bitcoin vs. Ethereum, it depends entirely on your requirements. While Bitcoin works better as a peer-to-peer transaction system, Ethereum works well when you need to create and build distributed applications and smart contracts.
Why is Ethereum losing value? ›
Ether's current price stagnation reflects reduced retail interest, lower Ethereum network activity, and decreased demand for airdrops and token launches.
Should I invest in Ethereum right now? ›
Ethereum's Long-Term Investment Potential
Expert predictions for Ethereum are generally optimistic, though they acknowledge the potential for volatility driven by regulatory changes, technological advancements, and market adoption.
Will crypto recover in 2024? ›
While the trend in the first few months remained largely bullish, the bearish interference squashed the bullish possibility. Regardless of this, the Bitcoin price is believed to revamp a strong ascenidng trend in Q4 and rise again in 2024.
What makes crypto price go down? ›
If there is a high demand, but low supply, the price goes up. If there is a low demand, but a high supply, the price goes down. It's this relationship between the two that determines the price of cryptocurrencies. Cryptocurrencies aren't unique in this sense.
What is the future of crypto in the next 5 years? ›
In summary, the future of crypto in the next 5 years looks bright. We expect increased adoption rates, especially from the retail client space. Technical innovation will also play its role, including interoperability solutions, DeFi, and the tokenization of real-world assets.
Will Bitcoin rise again? ›
Daily Bitcoin (BTC) Price Prediction For Today, Tomorrow, this Week, and Next 30 Days. Based on your price prediction input for Bitcoin, the value of BTC is projected to increase by 5%, potentially reaching $ 58,000.54 in the next 30 days.
