Bitcoin and Ether facing losses, while Ripple and Dogecoin are on the rise.
On Friday, Bitcoin experienced a one percent decline, trading at approximately $67,589 (about Rs. 56.2 lakh).
On Friday, May 24, most cryptocurrencies witnessed losses according to the overall crypto chart. Bitcoin saw a decline of approximately one percent, trading at around $71,771 (roughly Rs. 59.7 lakh) on Indian exchanges like CoinSwitch. Conversely, it was priced at $67,589 (about Rs. 56.2 lakh) on international exchanges such as CoinMarketCap. Market analysts believe that clearing key levels at $71,300 (about Rs. 59.3 lakh) and $73,800 (approximately Rs. 61.4 lakh) is crucial for an upward movement.
Ether also experienced a loss of 0.65 percent on Friday, bringing its value to $3,285 (roughly Rs. 2.73 lakh). Analysts attribute the current market volatility to an upcoming Ether-related update. CoinDCX’s markets desk stated, “ETH has been outperforming BTC, indicating positive signs as ETH’s dominance increases. Over the past 24 hours, the market has remained highly volatile in anticipation of the ETH ETF approval, leading to significant fluctuations in ETH and related coins. The SEC’s approval of the ETH spot ETF has brought stability to ETH’s price action,” as told to Gadgets360.
Rajagopal Menon, Vice President of WazirX, commented on the crypto market, stating that the market cap may encounter substantial resistance around $2.55 trillion (approximately Rs. 2,12,14,342 crore), indicating the possibility of additional gains from present levels. This suggests a need for caution amidst the recent rally, hinting at potential profit-taking or consolidation before a more substantial upward trend.
“Yesterday, the SEC greenlit eight Ethereum ETFs, triggering increased price volatility in the cryptocurrency market. However, these ETFs are not yet approved for trading. Notable issuers of potential spot ETH ETFs include BlackRock, Fidelity, Grayscale, VanEck, Franklin Templeton, Ark/21Shares, and Invesco/Galaxy,” stated Parth Chaturvedi, Head of Investments at CoinSwitch Ventures, in conversation with Gadgets360.
