Cryptocurrency Market Update: Mixed Performance Among Major Tokens

Mixed Performance Among Major Cryptocurrency Tokens

Losses in Bitcoin, Ethereum, Solana, XRP, and Avalanche

Gains in Dogecoin, Tron, Toncoin, Cardano, Shiba Inu, and Chainlink

In the latest trading session, major cryptocurrency tokens displayed a mixed performance. Bitcoin, Ethereum, Solana, XRP, and Avalanche experienced losses of up to 2%, while Dogecoin, Tron, Toncoin, Cardano, Shiba Inu, and Chainlink recorded gains of up to 2.5%.

Market Cap Decline and Price Movements

The global cryptocurrency market cap saw a decline of 0.23%, reaching approximately $2.13 trillion over the last 24 hours. As of 12:08 p.m. IST, Bitcoin was down 0.1% at $61,267, while Ethereum remained below the $2,400 mark. Bitcoin briefly reached $61,416 earlier in the day.

Expert Insights and Market Analysis

According to Edul Patel, CEO Of Mudrex, "Bitcoin is trading within a tight range of $60,000 to $61,000 as investors await further geopolitical clarity. BTC’s support level remains at $60,000 and resistance at $61,500." Avinash Shekhar, Co-Founder & CEO of Pi42, mentioned, "The strong economic data along with tensions on the geopolitical front have impacted the prices of cryptocurrencies."

Vikram Subburaj, CEO of Giottus, stated, “If Bitcoin maintains its current levels, it could consolidate towards $63,000." Shivam Thakral, CEO of BuyUcoin, highlighted the strong technical foundations and ongoing developments in projects like Solana and Cardano, predicting a cautiously optimistic outlook for Bitcoin and select altcoins.

Conclusion

In the ever-evolving cryptocurrency market, the performance of major tokens continues to be influenced by a variety of factors. It remains to be seen how these developments will shape the future landscape of digital assets and blockchain technology.

(Disclaimer: Recommendations and opinions expressed in this article are solely those of the experts quoted and do not reflect the views of the Economic Times.)