Bitcoin Maintains Position Above $86,000
Bitcoin (BTC), the longest-standing and most valuable cryptocurrency, managed to stay above the $86,000 mark early on Tuesday. Other prominent altcoins, including Ethereum (ETH), Solana (SOL), Ripple (XRP), and Litecoin (LTC), experienced slight increases. Despite these gains, the overall Market Fear & Greed Index indicated a level of 16 (Extreme Fear) out of 100, according to data from CoinMarketCap. The NEXO token emerged as the day’s top performer, reporting a 24-hour increase of over 6 percent, while Zcash (ZEC) faced the largest decline, with a dip exceeding 10 percent. At the time of reporting, the global cryptocurrency market capitalization was approximately $2.95 trillion, reflecting a 24-hour growth of 0.67 percent.
### Current Bitcoin Price
As per CoinMarketCap, Bitcoin’s price was recorded at $86,978.25, showing a 0.90 percent increase over the last 24 hours. For the Indian market, Bitcoin was priced at Rs 80.44 lakh.
### Current Ethereum Price
Ethereum (ETH) was valued at $2,805.97, indicating a minor decline of 0.32 percent in the last 24 hours. In India, Ethereum’s price stood at Rs 3.71 lakh.
### Current Dogecoin Price
Dogecoin (DOGE) experienced a slight loss of 0.75 percent, with its current price at $0.1362. In India, Dogecoin was priced at Rs 18.25.
### Current Litecoin Price
Litecoin (LTC) saw a modest gain of 0.72 percent, trading at $77.64 at the time of this report. The price in India was Rs 8,844.67.
### Current Ripple Price
Ripple (XRP) was priced at $2.01, experiencing a 0.86 percent decrease in the last 24 hours. In India, XRP was valued at Rs 232.74.
### Current Solana Price
Solana (SOL) was trading at $127.24, reflecting a 0.59 percent increase in the past 24 hours. In India, Solana’s price was Rs 17,927.38.
### Top Crypto Gainers Today
According to data from CoinMarketCap, the top five cryptocurrency gainers in the past 24 hours are as follows:
– Nexo (NEXO) Price: $0.9722 with a gain of 6.22 percent
– SPX6900 (SPX) Price: $0.6294 with a gain of 5.82 percent
– Jupiter (JUP) Price: $0.2377 with a gain of 5.24 percent
– PancakeSwap (CAKE) Price: $2.33 with a gain of 4.76 percent
– JUST (JST) Price: $0.0434 with a gain of 4.60 percent
### Top Crypto Losers Today
As per CoinMarketCap, here are the top five cryptocurrencies that incurred losses in the last 24 hours:
– Zcash (ZEC) Price: $328.08 with a loss of 10.68 percent
– Canton (CC) Price: $0.0758 with a loss of 9.82 percent
– AB (AB) Price: $0.0052 with a loss of 9.62 percent
– Flare (FLR) Price: $0.0132 with a loss of 4.64 percent
– Polygon (POL) Price: $0.1189 with a loss of 3.86 percent
### Insights from Crypto Exchanges Regarding Current Market Trends
Nischal Shetty, the founder of WazirX, commented on recent trends, stating, “In the last 24 hours, a significant development arose as the Bank of Japan signaled a possible rate hike, which led to a swift increase in Japanese bond yields. This move is aimed at strengthening the Yen and is noted to be pulling liquidity from global markets, tightening financial conditions at a time when risk assets are already facing challenges.”
The CoinSwitch Markets Desk observed that Bitcoin has been trading within a range of $84K to $88K, with buyers emerging during price dips. After briefly testing the $84K to $85K support levels, the market showed resilience and shifted into a consolidation phase. A late push saw Bitcoin reclaim the $86K mark. If it maintains above $85.5K, momentum could potentially build towards the next resistance range of $87.5K to $88K. A definitive breakout above that level might lead to movement towards $89K to $90K. Investors are advised to closely monitor macroeconomic factors, especially changes in Fed expectations.
Avinash Shekhar, co-founder and CEO of Pi42, remarked, “Bitcoin is currently hovering around the $85,000 mark after struggling to maintain its recent recovery. The asset had bounced back from last week’s sharp decline but continues to encounter selling pressure with each upward shift. Its market capitalization has dipped below the previous $1.8 trillion threshold, and its dominance has slightly weakened, indicating a more cautious market sentiment.”
Sathvik Vishwanath, CEO and co-founder of Unocoin, noted, “Bitcoin has experienced a robust short-term recovery, briefly reaching $83,000 before climbing to a weekly peak of $93,000, marked by five consecutive bullish sessions across major cryptocurrencies. The overall positive momentum appears to be largely driven by Bitcoin, with high correlations observed between Bitcoin and other cryptocurrencies like Ethereum, Solana, and Dogecoin, maintaining coefficients above 0.8. However, even with this rebound, Bitcoin remains within a broader downtrend, and its price actions have not yet broken through the October downtrend line. Important levels to monitor include a resistance at $94,000 and a support level at $88,199.”
### Disclaimer
It is important to note that cryptocurrency products and NFTs are not regulated and carry high levels of risk. There is typically no regulatory recourse for any losses incurred from such transactions. Cryptocurrency is not recognized as legal tender and is subject to market volatility. Readers are encouraged to seek professional advice and thoroughly review relevant documents before making any investment decisions. Predictions regarding the cryptocurrency market are speculative, and any investments made are solely at the readers’ own risk.
