Bitcoin (BTC), the world's oldest and most valued cryptocurrency, fell below the $63,000 mark early Wednesday morning. Other popular altcoins, including Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC), saw a mix of declines and minor gains as the overall market fear and greed index It stood at 52 (Neutral) out of 100, according to data from CoinMarketCap. The THORChain token emerged as the biggest winner of the lot, jumping more than 7 percent in 24 hours. IUE became the biggest loser, with a drop of more than 7 percent in 24 hours.
The global crypto market capitalization stood at $2.28 trillion at the time of writing, recording a 1.29 percent drop in 24 hours.
Bitcoin (BTC) price today
The price of Bitcoin stood at $61,587.55, registering a drop of 2.18 percent in 24 hours, according to CoinMarketCap. According to Indian exchange WazirX, the price of BTC stood at Rs 54.48 lakh.
Ethereum (ETH) price today
The price of ETH stood at $2,996.16, down 0.88 percent in 24 hours at the time of writing. According to WazirX, the price of Ethereum in India stood at Rs 2.65 lakh.
Dogecoin (DOGE) price today
DOGE posted a 24-hour loss of 2.27 percent, according to data from CoinMarketCap, currently priced at $0.1475. According to WazirX, the Dogecoin price in India stood at Rs 13.25.
Litecoin (LTC) price today
Litecoin recorded a gain of 1.51 percent in 24 hours. At the time of writing, it was trading at $81.97. LTC price in India stood at Rs 7,264.
Ripple Price (XRP) Today
The price of XRP stood at $0.5213, with a loss of 0.77 percent in 24 hours. According to WazirX, the price of Ripple stood at Rs 45.81.
Solana (SOL) price today
The price of Solana stood at $144.68, representing a drop of 3.18 percent in 24 hours. According to WazirX, SOL price in India stood at Rs 13,201.
Top Crypto Gainers Today (May 9)
According to data from CoinMarketCap, these are the top five cryptocurrency gainers in the last 24 hours:
THOR Chain (RUNE)
Price: $5.90
24 hour gain: 7.68 percent
Kaspa (KAS)
Price: $0.1221
24 hour gain: 7.51 percent
Cardano (ADA)
Price: $0.4634
24 hour gain: 4.31 percent
Akash Network (AKT)
Price: $4.71
24 hour gain: 3.88 percent
Fabric (AR)
Price: $39.12
24 hour gain: 3.53 percent
Top Crypto Losers Today (May 9)
According to data from CoinMarketCap, these are the top five cryptocurrency losers in the last 24 hours:
Sui (SUI)
Price: $0.9936
24 hour gain: 7.61 percent
Bittensor (TAO)
Price: $398.34
24 hour gain: 6.68 percent
Wormhole (W)
Price: $0.6181
24 hour gain: 6.07 percent
Lido DAO (LDO)
Price: $1.87
24 hour gain: 5.95 percent
World Currency (WLD)
Price: $5.54
24 hour gain: 5.28 percent
What Crypto Exchanges Say About the Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live: โBitcoin falls to $61,000 amid regulatory concerns in the US. Investors are also pressured by uncertainty over US interest rates, as the Federal Reserve indicated it will keep rates unchanged in 2024. Despite this, Bitcoin has remained strong above the level of $60,000. The next support is at the $60,900 level and the resistance is at the $62,700 level. Bitcoin will trade between $60,000 and $63,000 in the coming days."
CoinSwitch Markets Desk noted: โBTC continues to struggle on a daily basis as it forms the third consecutive red candle, with the price briefly trading below $61,000. Since the price of $60,000 acts as a psychological support level, the markets are more likely to be bullish than bearish. The sectors in focus remain primarily meme coins and AI-focused coins, which have seen the maximum growth in this cycle so far. In other news, there is finally some positive development surrounding the now-defunct cryptocurrency exchange FTX as, according to the latest draft recovery plan, approximately 98% of creditors are expected to receive 118% of what they had lost, however, at 2022 prices.
Rajagopal Menon, Vice President of WazirX, said: โBitcoin bears reign supreme as its price consequently fell to $61k levels from $63k levels in a couple of days. With a short low of $60,900, the price is consolidating at $61,662. The next resistance lies at $62,000. If it fails to break, the price may face downward pressure that could eventually take it to $58,000 levels. If the bulls do not take control to break this resistance, market headwinds will persist for BTC.โ
Sathvik Vishwanath, CEO and co-founder of Unocoin, said: โBitcoin hovers around $61,368 after a 2.60% drop as the $1 billion Hong Kong crypto ETF liquid fund aims to stabilize markets. Wintermute works with OSL and HashKey to increase liquidity for new Bitcoin and Ethereum ETFs, encouraging participation from institutional and retail investors. Venture firms LD Capital, Analpha Ventures and Highblock are providing expertise to ensure continuity of business operations. Tiger Broke's launch of digital asset trading for professional investors complements this initiative and marks a crucial week for Hong Kong's fintech scene. โBitcoin price predictions point to immediate support at $59,164 and resistance at $64,564, with technical indicators pointing to slightly bullish momentum.โ
Shivam Thakral, CEO of BuyUcoin, said: โBitcoin has entered the reaccumulation phase as it consolidates for more than 2 months after ATH. We can expect a fresh rise to the recent lows, a retest around the $59,000-60,000 level. A clear break above $65,000 could restart the rally towards $70,000. โSome Altcoins are hitting new yearly lows and there is bearish sentiment in the market worried about large Altcoin breakouts in the coming weeks.โ
The CoinDCX research team told ABP Live: โOver the past 24 hours, the cryptocurrency market remained in a sideways trend, with mixed trading seen in altcoins. BTC and ETH exhibited choppy price action amid the lack of major macroeconomic announcements, leading to lower trading volume. ETF inflows also showed a slight negative trend. Technically, BTC experienced a break below the range on lower time frames, finding support near the 0.5 Fibonacci level at $61,000. A continued upward move from this level could indicate positivity, but more confirmations are needed. ETH is currently hovering around a support level slightly above $2,975. A break below this level could lead to a test of $2,875, while $3,200 remains a key resistance level on the upside.โ
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Disclaimer: Crypto products and NFTs are unregulated and can be very risky. There may be no regulatory recourse for any losses arising from such transactions. Cryptocurrency is not legal tender and is subject to market risks. Readers are advised to seek expert advice and carefully read the offering documents along with relevant relevant literature on the subject before making any type of investment. Cryptocurrency Market predictions are speculative and any investment made will be at the sole risk and expense of the readers.
