Bitcoin, Ether Display Tentative Price Movements; Crypto Market Cap Rises by 0.91%

The cryptocurrency market is displaying volatility across most cryptocurrencies on Wednesday, June 26. Bitcoin recorded a minor drop of 0.29 percent

The cryptocurrency market displayed volatility on Wednesday, with most cryptocurrencies witnessing varying price changes. Bitcoin recorded a minor price drop, while Ether showed a slight price hike. Several cryptocurrencies, including Binance Coin, Ripple, and Tron, traded in losses, whereas others like Tether, Solana, and Dogecoin recorded gains. Notably, memecoins dominated the top movers on Wednesday, with Coinbase L2's BRETT and Ethereum's PEPE leading the charts.

Bitcoin recorded a minor price decrease on Wednesday, with its value dropping by 0.29 percent. As a result, the cryptocurrency's price slid down from $63,200 (roughly Rs. 52.8 lakh) to the mark of $61,752 (roughly Rs. 51.5 lakh) on foreign exchanges like CoinMarketCap.

On Indian exchanges, however, Bitcoin's value stood at $60,145 (roughly Rs. 50.2 lakh). Notably, the Bitcoin chart needs significant sell pressure on the downside to test $70,000 (roughly Rs. 58.4 lakh) again.

“After testing the $58,000 (roughly Rs. 48.4 lakh) on Monday, Bitcoin rebounded to $62,000 (roughly Rs. 51.9 lakh) in the past 24 hours. This move coincided with a recovery in Nvidia and the Nasdaq Composite, both of which experienced their worst days since April in the previous session,” Edul Patel, CEO of Mudrex, told Gadgets 360.

Ether, on the other hand, showed a minor price hike of 2.63 percent on the crypto price tracker on Wednesday. Notably, Ether was priced at $3,725 (roughly Rs. 3.11 lakh) on national exchanges and at $3,387 (roughly Rs. 2.82 lakh) on international ones.

“The sharp fall is unexpected in light of the anticipated approval of spot Ether exchange-traded funds (ETFs) in the U.S. in July, which had fuelled optimism for a significant price recovery. Significant Year to Date price movements ETH after giving a breakout above the ‘Descending Triangle' pattern rallied up to $3,977 (roughly Rs. 33 lakh) and started to consolidate in a range from $3,900 (roughly Rs. 3.25 lakh) to $3700 (roughly Rs. 3.08 lakh),” the ZebPay Trade Desk told Gadgets 360.

Among other cryptocurrencies, Binance Coin, Ripple, Tron, Near Protocol, Uniswap, Polygon, Leo, and Cosmos traded in losses on Wednesday, whereas Tether, Solana, Dogecoin, Cardano, Shiba Inu, and Avalanche recorded gains.

Chainlink, Polkadot, Litecoin, Stellar, Bitcoin SV, and Elrond also managed to retain small gains on the price charts.

The overall crypto market also rose by 0.91 percent in valuation over the last 24 hours. As of Wednesday, the crypto market cap stood at $2.28 trillion (roughly Rs. 1,90,34,922 crore), according to CoinMarketCap.

“In altcoins, memecoins continued to dominate the top movers of the day, with Coinbase L2's leading memecoin, BRETT, and Ethereum's PEPE topping the charts. Both of these memecoins are inspired by artist Matt Furie's comic series, ‘The Boy's Club',” the CoinSwitch Markets Desk told Gadgets 360.

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