Amid geopolitical tensions between Iran and Israel and ahead of Bitcoin halving later this week, Bitcoin fell 4.2% to $61,151 in Thursday's early trade. Meanwhile, Ethereum, the second largest crypto token, also declined over 4.4% to $2,960.
"In the last 24 hours, both BTC and ETH experienced a decline of over 4%. The reasons behind this fall could be attributed to geopolitical tensions, as well as the upcoming BTC halving, historically known for inducing high volatility. Negative ETF data also contributed to market sentiment," said CoinDCX Research Team.
Following the decline in blue-chip crypto tokens, the global cryptocurrency market cap also fell 3.5% to around $2.24 trillion in the last 24 hours.
Crypto Tracker
Other major crypto tokens such as Solana (7.4%), XRP (3.7%) XRP (2%), Dogecoin (7.8%), Toncoin (11%), Cardano (4%), Shiba Inu (4.4%), and Avalanche (4.3%) also declined.
A majority of the altcoins struggled to move up in price. This comes as the next Bitcoin halving is just two days away, with industry analysts expecting the correction in prices might continue for a little longer time, said CoinSwitch Market Desk.
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Currently, the total volume in DeFi stands at $6.98 billion, representing 7.15% of the total 24-hour volume in the crypto market. Concurrently, the volume of all stablecoins amounts to $91.53 billion, constituting 93.89% of the total 24-hour volume in the crypto market, as reported by CoinMarketCap.
Over the past 24 hours, the market capitalization of Bitcoin, the leading cryptocurrency globally, experienced a decline to $1.2 trillion. Bitcoin's dominance currently sits at 53.84%, as per CoinMarketCap data. Notably, BTC volume in the last 24 hours has surged 8%, reaching $42.4 billion.
Rajagopal Menon, Vice President at WazirX, said, "Investor behaviour suggests further weakness as large buyers hold off on purchases. Key support for BTC lies at $59,000; a breach may extend correction to $45,000-50,000 levels."
Meanwhile, Sathvik Vishwanath, Co-Founder & CEO of Unocoin, said, "Technical data shows bearish sentiment with $59,869 as key support. A breach of this could lead to a sharp sell-off towards $57,135 and $54,359."
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
FAQs
The reasons behind this fall could be attributed to geopolitical tensions, as well as the upcoming BTC halving, historically known for inducing high volatility. Negative ETF data also contributed to market sentiment," said CoinDCX Research Team.
Why has crypto dropped so low? ›
"The recent downtrend can be attributed to increased profit-taking by investors who entered the market during the downturns of 2022 and 2023, as well as ETF investors who witnessed significant price appreciation on their shares after entering the market in the early weeks of 2024," Fineqia research analyst Matteo Greco ...
Why is Solana going down? ›
Higher yields generally lessen the appeal of riskier assets like stocks and cryptocurrencies, contributing to the downward pressure on Solana's price today.
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- Bitcoin (BTC) ...
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- Tether (USDT) ...
- Binance Coin (BNB) ...
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Solmedia Price Live Data
The live Solmedia price today is $0.014577 USD with a 24-hour trading volume of $238,954 USD. A measure of how much of a cryptocurrency was traded in the last 24 hours on a decentralized exchange (DEX).
Will bitcoin go back up? ›
Bitcoin, it found, is likely to hit an average peak price of $87,875 in 2024, with some experts predicting it will climb as high as $200,000. On the flip side, the average lowest price Bitcoin could hit by the end of 2024, is seen as $35,734, the report said, with some predicting it will fall as low as $20,000.
Why is crypto value down? ›
The momentum trade may be over. More worrying for crypto investors is that the rally's driver over the past six months has now faded. Investors have been in a "risk on" mindset since mid-2023 and are now facing a slowing economy and the reality of higher interest rates for longer than previously expected.
Will Solana crash in 2024? ›
Our most recent Solana price forecast indicates that its value will increase by 0.43% and reach $134.48 by May 03, 2024. Our technical indicators signal about the Bearish Bullish 35% market sentiment on Solana, while the Fear & Greed Index is displaying a score of 54 (Neutral).
What crypto will make you rich in 2024? ›
Bottom Line. Investors are increasingly focused on Solana, dogwifhat, and Bonk, which are positioned as top performers in the bullish 2024 market. Monitoring these altcoins could be crucial for those looking to capitalize on the current financial opportunities in the crypto space.
How much will 1 Solana be worth in 2030? ›
According to your price prediction input for Solana, the value of SOL may increase by +5% and reach $ 174.13 by 2030.
What are the top cryptocurrencies by market cap? The top cryptocurrencies by market cap are bitcoin and ethereum, which have long been entrenched as the No. 1 and No. 2 cryptocurrencies. After that, a collection of cryptocurrencies jostle for position, although the third biggest is stablecoin tether (USDT).
What is the best crypto to buy today for beginners? ›
Summary
| Name (Symbol) | Market Cap | TVL |
|---|
| Ethereum (ETH) | $361 billion | $52.1 billion |
| Solana (SOL) | $55.3 billion | $3.5 billion |
| Litecoin (LTC) | $5.8 billion | $4.8 billion |
| Chainlink (LINK) | $7.6 billion | $22 billion |
7 more rowsWhere can you buy Solmedia? MEDIA tokens can be traded on decentralized exchanges. The most popular exchange to buy and trade Solmedia is Raydium, where the most active trading pair MEDIA/SOL has a trading volume of $152,821 in the last 24 hours. Other popular options include Raydium (CLMM) and Orca.
Where can I buy Solmedia? ›
The most straightforward way is to find a reliable centralized exchange where you can buy Solmedia, similar to Binance. You can refer to Coinmarketcap.com's Markets section to find the list of centralized exchange the coin is listed on.
Will Solana recover? ›
Solana Price Prediction 2026
Most experts agree that Solana will have recovered significantly by then, with most people seeing an average price of around $260 near former all-time highs.
Is Solana a good investment today? ›
Despite Solana's ties to the FTX scandal, investor sentiment toward the crypto has improved since last summer. Comparatively speaking, Solana has outperformed many other smart contract platforms in terms of price recovery and developer interest.
Is Solana having issues? ›
According to its status page Solana is currently up.
Can Solana reach $500? ›
Solana Predicted to Surge to $500 in 2024
Among those is Solana (SOL) which has been projected to reach $500 this year. Specifically, X (formerly Twitter) user Altcoin Sherpa expressed the belief that SOL is preparing for a massive surge by 2024's end.
