Bitcoin (BTC), the oldest and the most valued cryptocurrency in the world, managed to hold on to the $26,000 range early Thursday. Other popular altcoins — including the likes of Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Litecoin (LTC), and Solana (SOL) — landed in the reds across the board. The Stacks (STX) token managed to remain the biggest gainer of the lot, with a 24-hour gain of over 6 percent. KAVA, on the other hand, became the biggest loser, with a 24-hour dip of over 19 percent.
The global crypto market cap stood at $1.09 trillion at the time of writing, registering a 24-hour loss of 2.33 percent.
Bitcoin (BTC) Price Today
Bitcoin price stood at $26,294.72, registering a 24-hour loss of 2.02 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 23.65 lakh.
Ethereum (ETH) Price Today
ETH price stood at $1,834.33, marking a 24-hour loss of 2.30 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.61 lakh.
Dogecoin (DOGE) Price Today
DOGE registered a 24-hour dip of 3.14 percent, as per CoinMarketCap data, currently priced at $0.06728. As per WazirX, Dogecoin price in India stood at Rs 5.95.
Litecoin (LTC) Price Today
Litecoin saw a 24-hour loss of 1.81 percent. At the time of writing, it was trading at $88.18. LTC price in India stood at Rs 7,850.
Ripple (XRP) Price Today
XRP price stood at $0.5193, seeing a 24-hour dip of 1.27 percent. As per WazirX, Ripple price stood at Rs 46.
Solana (SOL) Price Today
Solana price stood at $18.36, marking a 24-hour loss of 8.41 percent. As per WazirX, SOL price in India stood at Rs 1,663.15.
Top Crypto Gainers Today (June 8)
As per CoinMarketCap data, here are the top four crypto gainers over the past 24 hours:
Stacks (STX)
Price: $0.6524
24-hour gain: 6.44 percent
XDC Network (XDC)
Price: $0.0344
24-hour gain: 2.33 percent
UNUS SED LEO (LEO)
Price: $3.52
24-hour gain: 0.22 percent
USD Coin (USDC)
Price: $1.00
24-hour gain: 0.01 percent
Top Crypto Losers Today (June 8)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
Kava (KAVA)
Price: $0.944
24-hour loss: 19.26 percent
Pepe (PEPE)
Price: $0.00001047
24-hour loss: 8.86 percent
Flare (FLR)
Price: $0.01868
24-hour loss: 8.82 percent
Render Token (RNDR)
Price: $2.19
24-hour loss: 8.53 percent
Decentraland (MANA)
Price: $0.4149
24-hour loss: 8.46 percent
What Crypto Exchanges Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Amid ongoing tensions between the US SEC and Binance and Coinbase, Bitcoin underwent a decline below the $26,400 level. Despite efforts, BTC was unable to reclaim its position above $27,000. The current support level for BTC is $26,200, with resistance observed at $26,600. If the immediate resistance can be overcome, there is a potential for further price increases. Similarly, various alternative cryptocurrencies also experienced a decline over the past day. The second largest cryptocurrency is currently trading at $1,830. Ethereum (ETH) is facing challenges in surpassing the $1,900 resistance level as selling pressure persists around this point. The next significant support level can be found at $1,800.”
Shubham Hudda, Senior Manager, CoinSwitch Markets Desk, said, “The market have come under selling pressure, with Bitcoin struggling to consolidate above the $27,000 level, indicating a temporary dominance by bears. However, it is worth considering Bitcoin’s historical performance. For instance, after China’s ban on exchanges in September 2017, BTC prices soared by nearly 500 percent. Therefore, short sellers should exercise extreme caution. Furthermore, the decline in dollar reserves to 58 percent and the increase in gold reserves to 15% held by banks make this a critical juncture for Bitcoin.”
Rajagopal Menon, Vice President, WazirX, offered his take, "Tether continues to expand its footprint as stablecoins gain new momentum among investors. US Crypto businesses strengthen efforts to move overseas even though investors remain bullish about more regulatory clarity after the SEC’s crackdown on crypto exchanges."
Sathvik Vishwanath, CEO and co-founder, Unocoin said, “Bitcoin is recovering around $26,900 from $25,400 but facing resistance at $27,350. A bearish engulfing candle indicates possible selling pressure and dominance by sellers. Despite this, other technical indicators and moving averages remain bullish, indicating potential buying pressure. Bitcoin needs to break through the crucial $27,350 resistance level to maintain its uptrend.”
Shivam Thakral, the CEO of BuyUCoin, said, “The crypto market is facing heat from the action taken by SEC as BTC and ETH are down by over 2 percent in the last 24 hours. The downward trend in BTC spilt over other altcoins as well due to which the overall crypto market dipped by 2.28 percent to $1.1 trillion. The upcoming jobs data and inflation numbers will define the course of crypto market in the coming weeks.”
CoinDCX Research Team told ABP Live, “Bitcoin (BTC) recently witnessed a significant drop of over 5 percent, but it swiftly recovered and is now trading sideways at $26,700. While some altcoins such as Ethereum (ETH) and Lido (LDO) managed to recover from the previous fall in value as well, this price movement hasn't been mirrored by several altcoins that failed to respond in a similar manner.”
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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.