Owing to macroeconomic factors such as uncertainties around the US debt ceiling as well as talks of global regulation of the crypto sector, most cryptocurrencies found themselves in the reds early Wednesday. Bitcoin (BTC), the world’s most valued token, dipped below the $27,000 mark for the second time this week, leading to a slump in the prices of other top cryptocurrencies, including the likes of Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC). KAVA emerged to be the biggest gainer of the lot, with a 24-hour jump of over 8 percent.
The global crypto market cap stood at $1.12 trillion at the time of writing, registering a 24-hour dip of 2.09 percent.
Bitcoin (BTC) Price Today
Bitcoin price stood at $26,758.20, registering a 24-hour dip of 2.30 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 23.50 lakh.
Ethereum (ETH) Price Today
ETH price stood at $1,821.66, marking a 24-hour loss of 2.28 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 1.62 lakh.
Dogecoin (DOGE) Price Today
DOGE registered a 24-hour dip of 3.00 percent, as per CoinMarketCap data, currently priced at $0.07158. As per WazirX, Dogecoin price in India stood at Rs 6.39.
Litecoin (LTC) Price Today
Litecoin saw a 24-hour loss of 4.03 percent. At the time of writing, it was trading at $88.94. LTC price in India stood at Rs 7,870.
Ripple (XRP) Price Today
XRP price stood at $0.4586, seeing a 24-hour dip of 1.49 percent. As per WazirX, Ripple price stood at Rs 40.
Solana (SOL) Price Today
Solana price stood at $19.52, marking a 24-hour loss of 2.66 percent. As per WazirX, SOL price in India stood at Rs 1,742.
Top Crypto Gainers Today (May 24)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Kava (KAVA)
Price: $1.21
24-hour gain: 11.68 percent
Toncoin (TON)
Price: $2.02
24-hour gain: 8.65 percent
Huobi Token (HT)
Price: $3.15
24-hour gain: 6.09 percent
Immutable (IMX)
Price: $0.7795
24-hour gain: 3.74 percent
Neo (NEO)
Price: $10.23
24-hour gain: 3.44 percent
Top Crypto Losers Today (May 24)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
WOO Network (WOO)
Price: $0.2112
24-hour loss: 7.13 percent
GMX (GMX)
Price: $56.80
24-hour loss: 6.41 percent
Mask Netowrk (MASK)
Price: $4.18
24-hour loss: 4.76 percent
Stacks (STX)
Price: $0.628
24-hour loss: 4.25 percent
Conflux (CFX)
Price: $0.3188
24-hour loss: 3.95
What Crypto Exchanges Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin has maintained its trading level above $27,000, ranging between $26,500 and $27,500 for the past few days. Investors are expressing concerns over regulatory issues impacting cryptocurrency markets and ongoing macroeconomic uncertainties, such as the stalemate of the US debt ceiling. Meanwhile, Ethereum has struggled to surpass the $1,920 mark for the past 16 days, causing apprehension among market participants, as the previous breakout attempt on May 6 proved short-lived, lasting less than 24 hours.”
CoinSwitch investment lead Parth Chaturvedi offered his take, “Crypto markets have been trading sideways in the last 24 hours. The crypto fear and greed index remains at the same position as yesterday, with 50 points. BTC continues to be around $27,000, up ~0.4 percent since yesterday. As per recent data by Glassnode, Bitcoin HODLing seems to be on the rise, as a proportion of BTC HODLed for at least a year has reached a record level of 68 percent. HODL, instead of SELL, slightly hints towards a strong investor sentiment baseline which can brew to become bullish. In parallel, ETH continues to be traded at around $1,800, up ~0.4 percent since yesterday.”
WazirX Vice President Rajagopal Menon said, “Institutional investors remain bullish about crypto as the overall market sentiment and price movement for Bitcoin shows steady momentum. Ethereum’s price has become a talking point with the surge in the price of LIDO, a liquid staking protocol on ETH which also enabled withdrawals recently.”
Sathvik Vishwanath, CEO and co-founder of Unocoin said, “The current price of Bitcoin is $27,000 with a 24-hour trading volume of $9.6 billion. Bitcoin holds the top position on CoinMarketCap and boasts a market capitalization of $520 billion. With a triple bottom pattern at $26,600, an upside reversal with a target of $27,200 seems likely. Resistance at $27,200 and support at $26,600 are seen on the 4-hour chart, with the 50-day EMA reinforcing the $26,700 support level. A watch for a break above $26,600 is key and could lead to an upward move towards $27,200 and $27,500.”
Shivam Thakral, the CEO of BuyUCoin, said, “BTC has been stuck in a range of $26,500 to $27,500 for almost two weeks as investors worry about ongoing crypto regulatory challenges that have reduced market liquidity. Macroeconomic uncertainty, such as the most recent impasse over the US debt ceiling is also one of the key factors behind restricted market momentum. Most of the digital assets are in red and the market is expected to remain choppy during the week.”
CoinDCX Research Team told ABP Live, “Bitcoin has maintained a steady position within the range of $26,500 to $27,500 for nearly two weeks, as investors carefully assessed the ongoing US debt ceiling developments. The volatility for BTC has subsided as new liquidity has not entered the market. While Bitcoin’s price traditionally mirrors the movements of macro markets, it has outperformed equities since the recent regional bank run in the US. In terms of adoption, an exciting development has taken place on the Web3 front. StepN, a move to earn platform, has achieved a significant milestone by integrating with Apple Pay, making it the first blockchain-based gaming application to do so. This groundbreaking integration holds immense potential as it bridges the gap between Web2 and Web3 technologies.”
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.
