At 10:52 am IST, Bitcoin was trading at $87,498, down 2.7%, while Ethereum fell 5.6% to $3,044 in the last 24 hours.
“Bitcoin experienced profit-taking following Fed Chairman Powell’s statement that ‘there is no rush to cut rates,’ as inflation data came in slightly above expectations,” said Edul Patel, co-founder and CEO of Mudrex.
Bitcoin faced selling pressure, with other major tokens such as Ethereum, Solana, and Dogecoin down as much as 8%. Despite the pullback, Bitcoin has overtaken Saudi Aramco to become the 7th largest asset. “Bitcoin’s next resistance is $90,900, while support has gone up to $86,200,” Edul added.
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Giottus CEO Vikram Subburaj noted, “Bitcoin has taken a temporary breather following the US Fed’s comments about a strong US economy that may not require further rate cuts anytime soon. It is now consolidating around $88,000, with $87,000 serving as key support. However, XRP bucked the trend, rising 17% after Robinhood’s decision to relist the token.”
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Also Read: Crypto Market Capitalization Hits Record $3.11 Trillion, Surpasses GDP Of Italy, Canada And Brazil
Other cryptocurrencies were also down, including Solana (-5.1%), BNB (-2.5%), Dogecoin (-8%), Shiba Inu (-10.7%), Toncoin (-4%), Pepe (-17.6%). . and Avalanche (-7%).
According to data available on CoinMarketCap, the volume of all stablecoins is now $210.17 billion, which is 92.85% of the total crypto market 24-hour volume.
Vikram Subburaj said, “Stablecoin inflows continue to be positive across exchanges which generally indicates renewed buying power in the market. This trend suggests that, barring any unexpected macroeconomic shocks, the current Bitcoin uptrend remains intact and could continue in the near term.” is,” said Vikram Subburaj.
Also Read: Bitcoin Price Rises 30% After Trump’s Victory Is the $100,000 mark on the cards next year?
In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, has fallen to $1.736 trillion. Bitcoin’s dominance is currently 59.95% according to CoinMarketCap. BTC volume has dropped 27% to $86.3 billion in the last 24 hours. Meanwhile, the global cryptocurrency market cap has fallen 3.15% in the last 24 hours to approximately $2.89 trillion.
(Disclaimer: Recommendations, suggestions, opinions and views given by experts are their own. These do not represent the views of Economic Times)
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