Cryptocurrency Price Today (September 9): Bitcoin Dips Below $55,000, Quant Becomes Top Gainer
Cryptocurrency price on September 9 quick take: The global market cap dipped to $1.94 trillion.
Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, dipped below the $55,000 mark early Monday, continuing to see a downward trend throughout the weekend. Other popular altcoins — including the likes of Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC) — largely landed in the reds across the board as the overall Market Fear & Greed Index stood at 41 (Neutral) out of 100, as per CoinMarketCap data. The Quant (QNT) token emerged to be the biggest gainer of the lot, with a 24-hour jump of nearly 8 percent. SATS (1000SATS) became the biggest loser, with a 24-hour dip of over 6 percent.
The global crypto market cap stood at $1.94 trillion at the time of writing, registering a 24-hour jump of 0.54 percent.
Bitcoin (BTC) Price Today
Bitcoin price stood at $54,927.22, registering a 24-hour gain of 1.04 percent, as per CoinMarketCap. According to Indian exchanges, BTC price stood at Rs 46.06 lakh.
Ethereum (ETH) Price Today
ETH price stood at $2,299, marking a 24-hour loss of 0.54 percent at the time of writing. Ethereum price in India stood at Rs 1.93 lakh.
Dogecoin (DOGE) Price Today
DOGE registered a 24-hour gain of 1.37 percent, as per CoinMarketCap data, currently priced at $0.0967. Dogecoin price in India stood at Rs 8.12.
Litecoin (LTC) Price Today
Litecoin saw a 24-hour loss of 3.85 percent. At the time of writing, it was trading at $60.53. LTC price in India stood at Rs 5,077.50.
Ripple (XRP) Price Today
XRP price stood at $0.5282, seeing a 24-hour loss of 0.03 percent. Ripple price in India stood at Rs 44.34.
Solana (SOL) Price Today
Solana price stood at $128.39, marking a 24-hour jump of 0.08 percent. SOL price in India stood at Rs 10,990.25.
Top Crypto Gainers Today (September 6)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Quant (QNT)
Price: $70.96
24-hour gain: 7.38 percent
Fantom (FTM)
Price: $0.4296
24-hour gain: 7.18 percent
BitTorrent [New] (BTT)
Price: $0.0000009147
24-hour gain: 7.17 percent
Popcat (SOL) (POPCAT)
Price: $0.5368
24-hour gain: 5.66 percent
Cosmos (ATOM)
Price: $3.86
24-hour gain: 5.08 percent
Top Crypto Losers Today (September 6)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
SATS (1000SATS)
Price: $0.0003076
24-hour loss: 6.48 percent
Starknet (STRK)
Price: $0.4164
24-hour loss: 4.54 percent
Monero (XMR)
Price: $170.92
24-hour loss: 3.02 percent
Litecoin (LTC)
Price: $60.37
24-hour loss: 2.45 percent
Sui (SUI)
Price: $0.9052
24-hour loss: 1.81 percent
What Crypto Exchanges Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin stayed above $55,000 after the US jobs report released on Friday showed fewer jobs added in August than expected. This makes a 50 basis point rate cut unlikely but keeps the door open for a 25 basis point cut. The focus now shifts to the Federal Reserve's upcoming meeting on rate changes. The next resistance levels for BTC are around $56,200 and $57,500. If BTC struggles to climb, support is expected at $53,200.”
CoinSwitch Markets Desk noted, “BTC funding rates on exchange futures are mostly negative, indicating that retail is anticipating a dump. Historically, such setups have triggered short liquidations, leading to rallies. BTC dominance (BTC.D) is breaking its trend and moving downwards, while altcoins are holding well. This could imply that altcoins are at their lowest level and poised for a strong bounce. Meanwhile, smart money continues to accumulate Bitcoin. Key upcoming events include US CPI on Sep 11 and PPI and jobless claims on Sep 12, which could provide market direction.”
Avinash Shekhar, Co-founder & CEO, Pi42, said, “Despite the recent turbulence in Bitcoin ETF flows and the continued tepid interest in Ethereum ETFs, it's crucial to remember that market cycles are a natural part of investing. The prolonged outflows from Bitcoin ETFs suggest a period of reevaluation, but this does not necessarily indicate a fundamental shift in the long-term outlook. For Ethereum, the lack of significant demand highlights the ongoing need for innovation and compelling use cases to attract investor interest. As always, investors should approach these developments with a balanced perspective and focus on the underlying technology and long-term potential of these assets.”
Sathvik Vishwanath, CEO and co-founder of Unocoin, said, “Bitcoin (BTC) fell below $54,000, its lowest since early August, following a disappointing US jobs report for August. The report showed 142,000 new jobs, below expectations, and significant revisions to prior months' data heightened recession fears. The unemployment rate dropped slightly to 4.2%, but investor anxiety persisted, impacting risk assets like Bitcoin. The S&P 500 and Nasdaq 100 also dropped, while WTI futures and US 10-year yields hit new lows. Analysts are divided on the recession outlook, with some suggesting current bearishness may be overblown. Long-term, Bitcoin could benefit from future monetary easing, but short-term risks remain, including potential declines below $50,000.”
Shivam Thakral, CEO of BuyUcoin, said, “The market is experiencing a surge of optimism due to the expectation of an interest rate cut, as new data indicates that the Federal Reserve may finally take action after a protracted delay. In the past 24 hours, investors have reacted favourably, with many predicting a possible reduction in September. This could stimulate economic activity and provide a much-needed boost to the markets. The global cryptocurrency market is experiencing a positive surge, with Bitcoin maintaining its dominance and new projects like Musk Moon generating significant excitement. Over the past day, the market share of Bitcoin has increased to 55.79%, with notable gains of 1.14% and 0.68% for Bitcoin and Ethereum, respectively. The meme coin market is exploding with potential, as forecasts indicate that Musk Moon's value could soar above 18,000%.”
CoinDCX Research Team told ABP Live, “Over the weekend, the overall crypto market remained bearish, with BTC dropping below $53,000 for the first time in recent months. It is still uncertain whether BTC has bottomed out, as there is no solid confirmation yet. The main focus this week will be on the U.S. CPI and PPI data releases, which could influence market direction. For BTC, key support levels to watch are around $54,500 and $52,650. On the upside, resistance levels are at $59,650 and $61,600.”
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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.
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