The overall crypto chart reflected losses next to most cryptocurrencies on Friday, May 24. Bitcoin recorded a loss of around one percent on Friday to trade at the price point of $71,771 (roughly Rs. 59.7 lakh) on Indian exchanges like CoinSwitch. Meanwhile, BTC was trading at $67,589 (roughly Rs. 56.2 lakh) on international exchanges like CoinMarketCap. As per market commenters, the key levels to clear for an upside move are $71,300 (roughly Rs. 59.3 lakh) and $73,800 (roughly Rs. 61.4 lakh).
Ether recorded a loss of 0.65 percent on Friday. With this, the value of ETH has hit $3,285 (roughly Rs. 2.73 lakh). Market analysts are blaming an Ether-related upcoming update behind the current element of volatility affecting the crypto market.
“ETH has continued to outperform BTC, which is a positive sign as ETH’s dominance rises. In the last 24 hours, the market remained highly volatile ahead of the ETH ETF approval, with ETH and related coins saw significant fluctuations. The SEC’s approval of the ETH spot ETF brought stability to ETH’s price action,” the CoinDCX markets desk told Gadgets360.
Solana, Cardano, Avalanche, Shiba Inu, Polkadot, Chainlink, and Tron joined BTC and ETH in recording losses.
Uniswap, Leo, Cosmos, Cronos, Stellar, and Monero also recorded losses.
The overall valuation of the crypto market stands at $2.54 trillion (roughly Rs. 2,11,33,765 crore) after incurring a loss of 1.87 percent, showed CoinMarketCap.
“The crypto market cap could face its next concrete resistance at $2.55 trillion (roughly Rs. 2,12,14,342 crore), suggesting a potential for further gains from current levels. This tempers the excitement of the recent rally, highlighting some profit-taking or consolidation might be on the horizon before a more significant move upwards,” Rajagopal Menon, Vice President, WazirX on the crypto market told Gadgets360.
Meanwhile, Tether, Binance Coin, Ripple, Dogecoin, Bitcoin Cash, and Polygon recorded gains.
Market analysts predict volatility to prevail over the crypto charts for the next coming days.
“Yesterday, the SEC approved eight Ethereum ETFs, causing heightened price volatility in the crypto market. However, these ETFs are not yet cleared for trading but the issuers of the potential spot ETH ETFs include BlackRock, Fidelity, Grayscale, VanEck, Franklin Templeton, Ark/21Shares, and Invesco/Galaxy,” Parth Chaturvedi, Head of Investments, CoinSwitch Ventures told Gadgets360.
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