Cryptocurrency Price Today: Bitcoin Dips Below $27,000, XDC Sees Major Gains
Cryptocurrency price on June 1 quick take: The global market cap dipped to $1.13 trillion.
Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, dipped below the $27,000 mark on Thursday. Other popular altcoins — including the likes of Ethereum (ETH), Ripple (XRP), Solana (SOL), Litecoin (LTC), and Dogecoin (DOGE) — landed in the reds across the board. XDC Network (XDC) emerged to be the biggest gainer of the lot, with a 24-hour jump of over 22 percent. Conflux (CFX), on the other hand, became the biggest loser, with a 24-hour loss of over 10 percent.
The global crypto market cap stood at $1.13 trillion at the time of writing, registering a 24-hour dip of 2.44 percent.
Bitcoin (BTC) Price Today
Bitcoin price stood at $26,792.32, registering a 24-hour loss of 3.16 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 23.83 lakh.
Ethereum (ETH) Price Today
ETH price stood at $1,855.60, marking a 24-hour dip of 2.22 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.63 lakh.
Dogecoin (DOGE) Price Today
DOGE registered a 24-hour loss of 1.59 percent, as per CoinMarketCap data, currently priced at $0.07124. As per WazirX, Dogecoin price in India stood at Rs 6.26.
Litecoin (LTC) Price Today
Litecoin saw a 24-hour dip of 1.04 percent. At the time of writing, it was trading at $90.73. LTC price in India stood at Rs 8,000.80.
Ripple (XRP) Price Today
XRP price stood at $0.5086, seeing a 24-hour loss of 3.43 percent. As per WazirX, Ripple price stood at Rs 44.50.
Solana (SOL) Price Today
Solana price stood at $20.72, marking a 24-hour dip of 1.74 percent. As per WazirX, SOL price in India stood at Rs 1,848.96.
Top Crypto Gainers Today (June 1)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
XDC Network (XDC)
Price: $0.0384
24-hour gain: 22.30 percent
UNUS SED LEO (LEO)
Price: $3.52
24-hour gain: 0.66 percent
Quant (QNT)
Price: $118.15
24-hour gain: 0.64 percent
IOTA (MIOTA)
Price: $0.2013
24-hour gain: 0.57 percent
Stellar (XLM)
Price: $0.09201
24-hour gain: 0.45 percent
Top Crypto Losers Today (June 1)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
Conflux (CFX)
Price: $0.284
24-hour loss: 10.89 percent
GateToken (GT)
Price: $4.51
24-hour loss: 8.11 percent
Injective (INJ)
Price: $7.13
24-hour loss: 6.74 percent
Arbitrum (ARB)
Price: $1.15
24-hour loss: 6.16 percent
Mask Network (MASK)
Price: $4.26
24-hour loss: 6.11 percent
What Crypto Exchanges Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin's value dropped below the $27,000 threshold on Wednesday as concerns arose regarding an upcoming interest rate hike and escalating inflation. The cryptocurrency market experienced uncertainty due to the cautionary comments made by the president of Cleveland's Federal Reserve Bank, indicating a potential increase in interest rates in the United States. Additionally, discouraging manufacturing data from China added to the unease among crypto investors. Following its peak of $28,037 on Tuesday, BTC faced a decline and reached a daily low on Wednesday. Similarly, Ethereum mirrored Bitcoin's performance, witnessing a more than 2 percent decrease and currently trading at approximately $1,850.”
Shubham Hudda from CoinSwitch said, “May has been the first red month for BTC this year. BTC is down ~3.4 percent in the last 24 hours and is trading below $27,000. ETH is currently trading around $1,850, down ~2.2 percent. In fact, the top 10 cryptos by market capitalisation are all trading in the red. This could be a reaction to the comments from US Federal Reserve official yesterday, hinting at the possibility of another interest rate hike.”
WazirX Vice President Rajagopal Menon said, “Bitcoin faced downward pressure as investors reacted to hawkish remarks made by a key Federal Reserve representative, signalling a perceived absence of strong incentives to halt the tightening of liquidity measures. On WazirX, Neo (NEO) and Solar (SXP) have been the top gainers in the last 24 hours.”
Sathvik Vishwanath, CEO and co-founder of Unocoin said, “Bitcoin is currently trading around $26,718 and faces the possibility of reaching $25,800 if it breaks the $26,100 level. On the other hand, if the $27,800 resistance level is broken, Bitcoin could rise as high as $28,477. Technical analysis based on the 200EMA suggests a slightly bearish trend for Bitcoin. In the same timeframe, Ethereum (ETH) has seen a 2.20 percent decline in the last 24 hours, bringing its price down to $1,851. This decline is in line with the general decline in the broader cryptocurrency market.”
Shivam Thakral, the CEO of BuyUCoin, said, “Bitcoin on Wednesday lost key support at the $27,000 level due to macroeconomic uncertainties. Bitcoin was under some selling pressure as the debt ceiling bill goes to the senate for voting while rapidly changing economic conditions are pushing the investors away from riskier assets. The crypto market is expected to remain choppy in the coming weeks as the world is closely watching the decision on the US debt ceiling bill.”
CoinDCX Research Team told ABP Live, “Bitcoin is experiencing a selling pressure, resulting in a drop of 2.67 percent with the price just above $27,000, accompanied by a market cap of $525 billion over the last 24 hours. Despite this, Bitcoin still maintains a year-to-date gain of 63 percent. Ethereum, on the other hand, is experiencing a deflationary phase. Over the past month, the Ethereum network has witnessed the burning of over 143,830 ETH, equivalent to approximately $275 million. With a negative supply growth of 1.46 percent per year, the network is projected to burn around 2,441,000 Ether in 2023, valued at approximately $4.5 billion The deflationary nature of Ethereum has resulted in a decoupling of its correlation with Bitcoin. This divergence suggests that market dynamics and investor sentiment are evolving, and the two leading crypto assets no longer move in lockstep.”
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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