Cryptocurrency Price Today: Bitcoin Dips Below $62,000, THORChain Becomes Top Gainer

Cryptocurrency price on May 9 quick take: The global market cap dipped to $2.28 trillion.

Bitcoin price stood at $61,587.55 on Thursday. ( Image Source :3D Animation Production Company/Pixabay )

Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, dipped below the $63,000 mark early Wednesday. Other popular altcoins — including the likes of Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) — saw a mix of minor dips and gains as the overall Market Fear & Greed Index stood at 52 (Neutral) out of 100, as per CoinMarketCap data. The THORChain token emerged as the biggest gainer of the lot, with a 24-hour jump of over 7 percent. SUI became the biggest loser, with a 24-hour dip of over 7 percent. 

The global crypto market cap stood at $2.28 trillion at the time of writing, registering a 24-hour dip of 1.29 percent.

Bitcoin (BTC) Price Today

Bitcoin price stood at $61,587.55, registering a 24-hour dip of 2.18 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 54.48 lakh.

Ethereum (ETH) Price Today

ETH price stood at $2,996.16, marking a 24-hour dip of 0.88 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 2.65 lakh.

Dogecoin (DOGE) Price Today

DOGE registered a 24-hour loss of 2.27 percent, as per CoinMarketCap data, currently priced at $0.1475. As per WazirX, Dogecoin price in India stood at Rs 13.25.

Litecoin (LTC) Price Today

Litecoin saw a 24-hour gain of 1.51 percent. At the time of writing, it was trading at $81.97. LTC price in India stood at Rs 7,264.

Ripple (XRP) Price Today

XRP price stood at $0.5213, seeing a 24-hour loss of 0.77 percent. As per WazirX, Ripple price stood at Rs 45.81.

Solana (SOL) Price Today

Solana price stood at $144.68, marking a 24-hour dip of 3.18 percent. As per WazirX, SOL price in India stood at Rs 13,201. 

Top Crypto Gainers Today (May 9)

As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:

THORChain (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

Arweave (AR)

Price: $39.12
24-hour gain: 3.53 percent

Top Crypto Losers Today (May 9)

As per CoinMarketCap data, here are the top five crypto losers over the past 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

Worldcoin (WLD)

Price: $5.54
24-hour gain: 5.28 percent

What Crypto Exchanges Are Saying About Current Market Scenario

Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin tumbles to $61,000 amid US regulatory concerns. Investors are also pressured by uncertainty over the US interest rates, as Fed signalled to keep the rates unchanged in 2024. Despite this, Bitcoin has been holding strong above the $60,000 level. The next support lies at the $60,900 level and the resistance is at the $62,700 level. Bitcoin is going trade range bound between $60,000 and $63,000 in the next couple of days.”

CoinSwitch Markets Desk noted, “BTC continues to struggle on a daily basis as it forms the third red candle in a row, with the price briefly trading below $61k. With the $60k price mark acting as a psychological support level, markets are more likely to be bullish than bearish. The sectors in focus remain majorly 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 around the now-defunct cryptocurrency exchange FTX as according to the latest draft recovery plan, approx 98% of the creditors are expected to receive 118% of what they had lost however at 2022 prices.”

Rajagopal Menon, Vice President, WazirX, said, “Bitcoin bears reign supreme as its price consequently tumbled down to $61k levels from $63k in a couple of days. With a brief low of $60,900, the price is consolidating at $61,662. The next resistance lies at $62k failing to break this, the price can face downward pressure which could eventually push it to $58k levels. If the bulls don’t take over to break this resistance, the market hurdles will persist for BTC.”

Sathvik Vishwanath, CEO and co-founder of Unocoin, said, “Bitcoin is hovering around $61,368 after a 2.60% drop as Hong Kong's $1 billion crypto ETF liquid fund aims to stabilise 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 contributing expertise to ensure continued business operations. Tiger Broke's launch of digital asset trading for professional investors complements this initiative and signals a pivotal week for Hong Kong's fintech scene. Bitcoin price predictions point to immediate support at $59,164 and resistance at $64,564, with technical indicators pointing to slightly bullish momentum.”

Shivam Thakral, CEO of BuyUcoin, said, “ Bitcoin has entered the re-accumulation phase as it consolidates for more than 2 months after ATH.  We can expect one more ride to the recent lows, a retest around $59,000-60,000 level again. A clear break above $65,000 could restart the rally towards $70,000 .Some Altcoins are making new yearly lows and there's a bearish sentiment in the market concerned with large Altcoin unlocks in the coming weeks.” 

CoinDCX Research Team told ABP Live, “In the last 24 hours, the crypto market remained in a sideways trend, with mixed trading seen in altcoins. BTC and ETH exhibited choppy price action amid a lack of significant macro announcements, leading to lower trading volume. ETF inflows also showed a slight negative trend. Technically, BTC experienced a breakdown below the range in lower time frames, finding support near the 0.5 Fibonacci level at $61,000. A continued upward movement from this level could signal positivity, but further confirmations are needed. ETH is currently hovering around a support level slightly above $2975. A breach below this level could lead to a test of $2875, while $3200 remains a key resistance level on the upside.”

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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.